UPDATED: Jan 29, 2022
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Here’s the Scoop
- You can add or remove coverages in the middle of your policy as long as you are listed as an insured
- If you don’t need as much coverage as you currently have, you could consider reducing, pausing, or canceling your coverage
- You can also switch companies whenever you want, but the most convenient time to do so is on the date of your policy renewal
If you have home insurance, car insurance, or another type of coverage that you’d like to change, it is generally pretty simple to add or remove coverage. However, you should consider this carefully, as it can affect your insurance rates in the present and the future, depending on the changes you make.
Read more below about how to add or remove coverages and whether you should reduce, pause, or cancel your insurance or switch to a new insurance company.
If you would like to compare additional coverages to add or remove from your insurance policy, enter your ZIP code into our free quote comparison tool above.
Can I add or remove coverages in the middle of my policy?
To put it simply, yes, you can add or remove coverages in the middle of your insurance policy. In addition, as long as you are listed as an insured on the policy, you are typically allowed to change your policy whenever you want.
When you add or remove coverages in the middle of your policy, your rates will be prorated based on how much time is left on your policy. For example, if you add coverage with four months left until your policy renewal, you will only pay for four months of that coverage.
You can also call your insurance company to change your deductible or coverage limits in the middle of your policy. While they will likely be effective immediately, you will also be responsible for paying different rates, which could go up depending on the changes you make to your policy.
If you’re looking to add a new vehicle or other property to your policy, you may not need to call immediately (although you shouldn’t wait too long). For example, Farmers car insurance offers 30 days of coverage for existing customers who buy a new vehicle. Therefore, you have 30 days to contact them to add the car to your policy officially.
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Should I reduce, pause, or cancel my insurance?
This question typically applies to car insurance. Therefore, if you are not using your car as much as you were when you bought your car insurance, it may be time to reevaluate the level of insurance you currently have.
Reducing your coverage would mean that you don’t have to pay for car insurance you don’t need, but you also won’t experience a lapse in coverage that could later cause an increase in rates. You could also choose to keep comprehensive coverage, which would still cover damage to your vehicle for things like vandalism or natural disasters.
However, make sure that you keep enough coverage to make the car usable if you need to drive it and to meet any finance companies’ requirements.
You could also choose to suspend or pause your car insurance coverage, resulting in you not paying for car insurance you don’t need. It’s unlikely that there will be a lapse in coverage, but you should double-check with your insurer. However, this would make the car unusable, and your insurance company wouldn’t cover it for non-driving accidents.
Canceling your policy would save you money, but it could result in some disadvantages that may not be worth it in the long run. For example, you would experience a lapse in coverage which could increase your rates when you buy car insurance in the future, and you won’t be able to drive your car.
When can I switch insurance companies?
You can switch insurance companies any time you want, but there are a few instances in which it can be more convenient or worth it.
First, you may want to consider switching if you move, mainly if your ZIP code, city, or state is different at your new address. Your location can affect insurance quotes, so check if insurance rates are better in your new area.
Car Insurance Rates by State
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Next, you may also consider switching if you are getting ready to add a new driver or car to your car insurance policy. Some car insurance companies may have better rates for drivers of a certain age, while others can offer different rates for the same vehicle. Compare your options and see if it’s worth switching.
Finally, any time a significant life event occurs, such as getting married or buying a house, is an excellent time to reevaluate your insurance policies.
With that being said, the best time to consider switching your insurance company is when you are approaching your policy renewal date. If you cancel your policy on its renewal date and purchase a new policy on the same day, you will be less likely to deal with cancellation fees or refunds.
What are additional coverages?
One of the most common things to add or remove in the middle of a policy is additional coverages.
Additional coverage insurance is any type of endorsement on a policy that allows you to get coverage for specific instances. For example, additional coverages for car insurance include rental reimbursement, gap coverage, towing coverage, and more. Additional coverages for home insurance could include flood insurance, water backup or sewer coverage, personal umbrella liability, additional coverage of property removed, and more.
When comparing additional coverages vs. coverage extensions, the two can seem similar. However, the difference is that coverage extensions do not typically cost more. They are generally included in your base policy at no additional cost to cover things like windstorms or hail, riots and civil commotion, aircraft damage, and more.
If you would like to compare options for coverages to add or remove from your insurance policy, enter your ZIP code into our free quote comparison tool below.