Can you change car insurance at any time?

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Things to remember...
  • Car insurance policies can be changed via mid-term endorsements
  • The ability to change your policy may also impact your premium
  • Buying a new car, changing coverage limits, or moving may all be reasons to alter your policy

Car insurance is seen by so many consumers as a contract. When you buy a car insurance policy, you are buying a contract that entitles you as a consumer to coverage over a specified period of time.

What happens, though, when you need to make a change to that contract? Most people think of contracts as binding, set in stone in a way.

The general thought process is that they cannot be changed. When it comes to car insurance, though, that could not be farther from the truth.

Consumers are always in power of what they have in terms of a car insurance policy. It is up to them to reach out to their current insurance carrier and state what they want and what they need out of their policy.

If the current car insurance carrier that they have is not able to provide that to them, consumers have the ability to shop around in order to end up with where they want to be in terms of their policy.

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Changing a Policy Mid-Term

Changing a car insurance policy in the middle of its effective period is something that is always going to be possible.

When you initially purchase a car insurance policy, it is going to have coverage laid out on that policy over stipulated policy period that is clearly spelled out on the declarations page.

In the event that you need to change anything on that policy, this is where what is known as a mid-term endorsement is going to come into play.

A mid-term endorsement is when you want to have a policy changed mid-term, while it is already in effect and before it has expired.

The process for this is pretty simple as all you have to do is to reach out to your insurance carrier and simply ask for the change. Once it is processed, a new policy with the endorsement will be processed and put into effect.

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Things That Can Change

You can change pretty much anything on your car insurance policy mid-term. In the event that you go out and purchase a new car, you can call your car insurance carrier or go online to their website and add that vehicle, replacing the one that you already had.

Another example of a mid-term policy change would be to increase limits or alter your deductible. If you decide halfway through your policy’s term that your deductible is not where you want it to be, you can have that tweaked to have it increased or decreased.

Changing where you live and where your cars are parked can also have an impact on your policy.

When you change your residence, you want to be sure that you are adjusting that address on your car insurance policy. An address change could be beneficial to you premium-wise as well.

The Premium Impact of a Mid-Term Change

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The thing to remember is that whenever you want to make any type of change to your insurance policy, there is going to be a premium impact that goes along with it.

Say you want to swap out your used car for a new car, chances are your premium is going to increase due to the higher value automobile that is being covered.

The same can be said if you want to reduce your deductible or increase your coverage limits. Both of these are likely to have an impact on your premium that causes it to increase.

The opposite of this is what you can expect should your deductible be increased or coverage limits are reduced. Even if you were to move into a car that had less value, this would all cause your car insurance premiums to actually go down.

The important thing to remember when it comes to your car insurance policy is that you always have the ability to change things and make adjustments.

No car insurance carrier expects you to make zero significant changes over every single policy period that you have.

Mid-term endorsements are available for any of the following:

  • You move
  • You get a new car
  • You want to change coverage

It is up to you as a consumer to do price comparisons with all of the carriers out there so you can get the exact coverage you want at a value premium.

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