Getting out of an auto insurance policy...

[HotCarl]

I've had Nationwide Ins. since I started driving, long story short I signed a new policy a few months ago and have since seen a HUGE (50$ month) discrepency in the price they quoted my policy to be and what I'm actually paying.

 

Are auto insurance policy's binding agreements or can I just cancel and go to a different company? Obviously I'm not getting a straight answer out of my Nationwide Rep (who's worthless) and I've never needed to change carriers before so I'm not sure how this process goes.

 

Thanks for any guidance or advice. Figured someone on CR would have some insight on this.

[MattKatz]

Ive never seen a binding Auto policy....You simply Cancel it and start a new one....Don't let there be a lapse in coverage though.....Start the new, then cancel the old.

[Miller]

Nationwide is not known for being the cheapest but they are known for excellent service. Pm me your policy number and coverage, I can see if you can get some help.

[datsunissan28]

Auto insurance is a unilateral contract, meaning only the insurer must perform. So Nationwide must handle your claim and there are numerous laws limiting cancelling the policy. For you, the insured, if you stop paying your premiums you simply won't have coverage under the policy.

 

If you do chose to end the policy before the policy period expires, they do have to reimburse your money prorated but can charge a penalty. From what I remember Nationwide does not charge you a penalty, but don't hold me to that.

 

Double check to see if any discounts recently fell off. There are hundreds (550+) of affinity groups that if you are a member you get a pretty good discount. If you don't like your current agent, you can always call another Nationwide agent and have the policy switched over to them.

 

Like Miller said, they aren't the cheapest, but Nationwide does have better customer service.

[Flyin Miata]

You can always cancel and go to another carrier. If you paid in full for the entire term you'll get a pro-rated refund. Just like other services (cable, phone, etc) most insurance carriers have retention departments that exist to try and lower your rates and keep you from cancelling. I'd give that a shot and if they can't do anything then get a new policy in force somewhere else and cancel what you have.

 

I work more on the claims side of things now (for another insurance carrier) but I have worked on the policy services side of things as well. I'm always open to PM's if you have specific questions.

[iwashmycar]

I had that happen with Allstate. Rep was nice and we got a price down for the coverage amounts I wanted. The price was higher than I wanted but I expect that whenever I move states (what prompted the change). I get the declarations page and there is all this crap on there like roadside subscriptions and whatnot. I was mad...he could have just offered an even lower price but no...didnt mention any of it.

 

In this case I kept shopping before calling them back. As usual Esurance couldnt be beat. Nicest people ever, and the price for the same coverage was far less. Bought a new policy from them before calling Allstate back to cancel what I had bought the day before. They just had to refund it all. Dealing with the old insurance agents in the offices is worthless these days.

[HotCarl]

Dealing with the old insurance agents in the offices is worthless these days.

 

THIS. I have emailed this guy back and forth, last we left off (which was 3 weeks ago) he said, "I'll see what I can do". Low and behold Nationwide Ins. deducts the same amount from my bank account on the 14th to pay my bill.

 

Thanks for all the info guys, much appreciated. I'm going to shop around a bit and try and find an auto/renters insurance policy with someone else. Never had an at-fault accident and haven't had a speeding ticket in over 8 years so I don't think it'll be too difficult.

[SRTurbo04]

Always had good luck with esurance(for car/truck). No experience with renters insurance.

 

Only problem I had was years ago, you couldn't delegate which car had what coverage. You picked a coverage and that's what all the cars got. I had to have full huge coverage on a pos s10 the same as my leased accord. This was back in 2012 Not sure if that has changed now days but that was annoying.

Edited December 16, 2015 by Paul

[iwashmycar]

Its changed. I have deductibles and whatnot that differ on mine though ESurance. I also have their renters...I think it was less than 100/yr.

[Bill-H]

As others have said, You are not bound and can cancel at any time.

 

if you are shopping, make sure Westfield is on the list.

[HotCarl]

Last time my agent emailed me he said "I'll see what I can do" when I told him there was no way someone with my driving history should be paying this much for insurance..... That was two billing cycles ago. Fuck that guy.

 

I have a coworker to just switched from Nationwide to Erie Insurance and he's been really happy with them. So I'm going to give his agent a call and get a quote. I'll try out esurance and Westfield as well. But I am a bit skeptical to go with a smaller company and how fast they are with their claim process etc...

[mrs.cos]

I'm going to disagree about dealing with Local Agents.

 

We've been with Cincinnati Insurance through Hoskett and Ullen for almost 8 years now.

I can email them and they will respond very quickly- she checks our rates at the end of every renewal with competitors and let's us know we have cheaper options if we want them (Cincinnati has been awsome to work with on house and car issues- no desire to leave them and after a couple years they were always just s few dollars more than competitors)

 

I would greatly encourage calling Liz Payne at (614) 339-1771

 

I love having an agent I can just call and say my name and she KNOWS my policy before she even pulls it up.