Like shopping for other things like clothes, car insurance involves a lot of shopping around. However, the truth is that you won’t always get it right the first time. Likewise, a better offer might come up along the way thanks to the competitive market. Luckily for you, you can always change your car insurance company in Finland.
You are allowed to switch your car insurance at any time, regardless of how long you have had the current policy. Switching car insurance is as simple as shopping around for a new policy and cancelling the previous policy. You can identify the best car insurance company by evaluating and knowing your insurance needs.
Common Reasons Why you Might Want to Switch Car Insurance Companies
People change insurance companies for one reason or another depending on their needs. However, most people switch car insurance to find more competitive premiums in the market. You might also decide to switch insurance companies when you purchase a new vehicle or want to include more names on the policy.
Other people in Finland also change insurance companies when their credit scores either increase or decrease. You can also change insurance when you move to a new ZIP code and it affects your premiums. As a parent, your kid getting a license could be a good reason to get a new insurance policy.
The bottom line is, whenever your driving profile changes, you might want to change your car insurance. Remember that a car insurance company will consider many factors including your credit score to set premiums. Luckily, each company has a different formula for calculating rates, which is why you might want to change.
Another common reason for wanting to change an insurance company is because you had an awful experience filing a claim. There is no point getting stuck with a troublesome insurance company when there are many others out there. Just because car insurance is compulsory in Finland doesn’t mean your options are limited. And nothing is worse than unfavourable customer service from a provider!
Reasons Not to Switch Car Insurance Providers
The freedom to change car insurance companies at any given time does not imply that you always should. Rather, you should take different factors into consideration before making the decision. Note that you might land a large discount based on how long you have been with an insurance company.
So, you should confirm if your insurer offers a loyalty discount before terminating your contract. Likewise, you should confirm whether the insurer includes a cancellation fee before ending your contract. Luckily, most insurance companies in Finland will allow you to cancel without any fees.
Finally, it’s not advisable to change to another insurance company while you have an open at-fault claim. It could lead to higher rates to make up for the cost of the claim as soon as it’s settled. It might also be applied to your next policy term.
How To Switch Car Insurance in Finland
Switching your car insurance in Finland is as easy as they come. However, talk to your current provider and see if they can offer better terms. If not, then you can follow these steps and find a new provider.
Research more about your car insurance change
Just like when you are purchasing a car insurance policy for the first time, it pays to shop around. This will enable you to identify the best alternative in an otherwise flooded market. Your best bet is to compare rates from as many providers as you can using the comparison websites online.
One advantage of comparison websites is that you only enter your information once to access different options. Similarly, look for companies that offer significant discounts that can enable you to save costs. Other things to focus on include usage-based or pay-per-mile programs. Finally, check each company’s customer service and claims experience.
Identify the Policy that Best Meets your Needs
Once you have done all your research, all you have to do is purchase a plan from the identified provider. Your best bet is to schedule it to begin as soon as the current cover expires. However, if the expiry date is still far away, you can schedule it to begin immediately.
However, you should try as much as you can to avoid a lapse in coverage. Keep in mind that you might pay high insurance rates if there is a gap of even a day on your coverage. Finnish providers will consider you an uninsured driver during the gap. So, you’d rather have two insurance covers for a day than none at all.
If you are leasing or have a loan, this is also the time to include the lenders name on the policy.
Cancel Your Current Insurance
Since you have set up everything for your new policy, it’s time to cancel the current policy. Luckily, the current company is responsible for investigating and paying off any open claims. However, you should only cancel the policy at least one day after your new policy begins. Also remember that you might be in trouble if you stop paying for the current insurance without officially cancelling it.
Most insurance companies will offer to refund the unused part of your cover if you had paid for it in full. If you are lucky enough, you might find a company that is willing to refund you even with monthly premiums.
Get Proof of Insurance
Once you have completed the above steps, your next task is to get proof of your insurance. You can do this by printing out your insurance ID card or downloading an app to access it. Technology has made it possible to display a digital ID card if you get pulled over in Finland. It is more convenient and safer than carrying a physical ID that might be misplaced or stolen. Your best bet is to make it accessible both online and offline to avoid any inconveniences.
Inform Your Lender
For those who are leasing a car or have a car loan, this would be the best time to read them in on the change. Keep in mind that you included them in the previous insurance cover and were probably notified of the cancelation. Even though you listed them on the new cover, it still makes sense to call and let them know. It also gives you a chance to give them all the details of the new cover.