Can I Add Or Remove Coverages In The Middle Of My Auto Insurance Policy?
Everything changes, from the prices of auto insurance policies, to the driving and transport requirements of people. But whenever you buy a car insurance policy, it usually remains the same for the entire policy period, which could be either six months or one year. What if you need to add something to your policy, or make some other modifications? Can you add or remove coverages in the middle of my auto insurance policy? Let’s find out.
Can You Modify Your Car Insurance Policy?
Yes, most auto insurance companies allow policyholders to make changes to their car insurance coverage. This includes the addition of new policies such as collision coverage, comprehensive coverage, personal injury protection plan, etc, or removal of the policies.
You can add as many policies to your coverage as you want as long as they are offered by your car insurance company. For example, if you have liability coverage but also want to get a collision damage waiver or uninsured/underinsured motorist coverage, it can be easily done without any additional cost.
By additional cost, we meant that the vehicle insurance company will not charge you to add extra policies in the middle of the coverage period. You will only be charged the price of the policy and your insurance premium rates will increase, but nothing extra.
Apart from policies, you can also add add-ons to your policies such as roadside assistance, accident forgiveness, etc. One might need to add roadside assistance if they are going on a long road trip and need some extra coverage needed just for road trips. Or you might want to add accident forgiveness (that prevents a hike in the auto insurance price after a car accident)
Not just policies, but you can easily add one or more drivers to your policies who will be using your car regularly. All you need to do is just contact your insurance company, or the insurance agent and ask them to add the person. You might have to visit the insurance office for documentation and other verification processes.
There are ways that you can add drivers online also. But this depends on the auto insurance company. If your car insurance company offers online addition of drivers, just log in to their website, and look for the addition of a new driver section. Submit all the necessary documents and follow the instructions. That would be all.
Note that if you have a family member who regularly drives your car, it is better to add them as a registered driver in your car insurance policy. This is because if they are not added as one, and they get in a car accident, the insurance company can have legal grounds to reject your insurance claim.
Not just in addition, but the removal of different policies or components from your car insurance coverage is very easy and simple and can be done at any time. Here are all the different removals that you can do.
Removing policies: There are many times when you might have some car insurance policies, but later have no use for them. This could result in unnecessary spending with no benefits. For example, if you have a comprehensive policy to protect your car from theft and other natural disasters when it’s parked, it is worth it.
But what happens if you get a nice, covered, and enclosed car garage? You do not need comprehensive coverage anymore. So instead of paying for the policy, just discontinue it.
Another example would be collision coverage. Collision coverage is great for new cars, or cars that are leased. But what if your loan period is over, and the car is old enough that it does not require a policy worth thousands of dollars? Just discontinue the policy and you are good to go.
The same is applicable for other add-ons such as roadside assistance. Once you are done with your road trip, then just discontinue it since you won’t be needing roadside assistance when driving in your city, or commuting to work.
The procedure to cancel your policies is very similar to adding new policies. Either log in to your car insurance company’s website or contact your insurance agent to guide you through the process.
Increase/Decrease Policy Limits
Perhaps the most important and useful feature of adding or removing components from your car insurance coverage is the ability to increase or decrease your policy’s coverage limit.
A coverage limit is the total amount of money your policy would pay you in an insurance claim. If the total cost of the accident is more than your policy’s coverage limit, then you’ll have to pay the extra amount from your pocket.
This is the reason why getting a car insurance policy with a sufficient coverage limit is recommended. This is very important for liability coverage. Always have liability coverage with a coverage limit more than your state’s minimum coverage limits.
The only issue here is that higher coverage limits mean that your policy would cost more. This is the reason why many drivers in the US are either uninsured or underinsured. If you feel you don’t want to pay too much for car insurance, then focus your search on finding the best car insurance policy in your state.
For example, if you are a resident of Georgia, then look for the cheapest car insurance companies in Georgia and select the ones that offer the best coverage at the best price. Ensure that your coverage limit is more than sufficient to cover accidents.
But if you ever get in a situation where your car use is reduced, then it is very easy to decrease your coverage limit, which will decrease your insurance premium rates. All you need to do is contact your insurance agent or car insurance company and they’ll guide you through the process.