Can You Switch Insurance Companies During a Claim?

You can switch insurance companies during a claim.

What happens to the claim?

You will still need to work with your previous insurer to settle the claim. Your previous coverage still applies to damage that occurred when that policy was active.

Does your new coverage apply to an old claim?

No. You should not expect your new policy limits, deductibles, or coverages to apply to an accident that already happened. Your new insurer will also not take over the handling of your old claim.

What if you switch before filing a claim?

The declarations page of your insurance policy identifies the period in which coverage applies. If damage occurs outside of the policy period, your claim will be denied by your new insurance company.

Switching insurance companies does not invalidate the coverage you had for a previous policy period. You can still report a claim for damage that occurred within the policy period to your old insurer.

Can you file a claim under a years-old policy?

Some people may wait to report a claim for a variety of reasons. It is best to notify your insurer of a claim as soon as possible after an accident, and your policy may specifically require you to do so. You should report the claim to the insurance company that insured your home or auto on the date the damage occurred.

States have different laws that impact the window of time during which you can report a claim. Because of this, you must file a claim promptly, indicating how, where and when the loss occurred.

Can switching insurance companies after a claim save you money?

Every insurance company has a different way of calculating premiums.

Insurance companies will review your claim history and driving record to determine your auto insurance rates, so changing companies after a claim may not actually save you money.

Weigh the costs and benefits of switching beforehand. Choosing an insurer with a focus on customer satisfaction could save you time and money if you have a future loss.