How to Change Home and Auto Insurance Companies in Quebec
Switching your home and auto insurance providers in Quebec can be a smart financial move.With auto insurance premiums rising by as much as 9.6% year over year in July and September 2024, many Quebecers are looking for ways to reduce costs and improve value.
If you're seeking better insurance rates, more responsive support, or improved coverage options, making a change can lead to meaningful savings and greater peace of mind. In this article, we walk you through the process to change your home and auto insurance in Quebec while avoiding penalties, maintaining continuous coverage, and taking full advantage of savings opportunities.
Is it Easy to Change an Insurance Policy?
Yes, changing an insurance policy is generally easy, especially in Quebec. As long as you follow the proper steps, the process is straightforward. OVC Insurance makes changing your insurance policy easy by accessing over 20 insurers and wholesalers and handling all the paperwork. We're with you every step of the way to save you time, avoid gaps in coverage, and get you an excellent premium tailored to your needs!
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Can I Bundle My Home and Auto Insurance Policies?
Yes, absolutely! It’s one of the easiest ways to save on your insurance premiums in Quebec. Bundling your home insurance and car insurance under the same insurance provider often qualifies you for bundling discounts, which can significantly reduce your total annual cost.
At OVC Insurance, our independent brokers help you compare insurance quotes from various homeowners insurance companies and auto insurers to find a bundle that fits your needs, whether you're insuring a house, condo, or rental property alongside your vehicle.
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Benefits of Changing Home and Auto Insurance Companies
Access to bundling discounts when combining home and auto policies
Improved insurance coverage that better matches your current needs
Access to group discounts through alumni associations, unions, or professional organizations
Simplified policy management when consolidating with one insurer
Updated assessment of your risk profile, potentially lowering your personalized premium
How to Change Insurance in Quebec: 4 Essential Steps
1. Compare Insurance Providers and Policies in Quebec
Switching your home and auto insurance starts with finding better coverage and rates. In Quebec, the most efficient way to do this is by working with an independent insurance broker.
At OVC Insurance, we can quickly help you compare personalized offers from over 20 reputable insurance carriers. Our streamlined process saves you time, reduces paperwork, and helps you secure a value-packed option tailored to your specific needs.
2. Confirm the Terms of Your New Insurance
Once you've selected a new insurance policy, it’s essential to confirm every detail before finalizing the switch. Start by reviewing the accuracy of your personal information, vehicle data, and property details to avoid issues with insurance coverage or delays in the claims process.
Set an Exact Start Date: Choose a policy renewal date that aligns precisely with the cancellation of your existing auto or home insurance policies. This helps you avoid a lapse in coverage, which could lead to coverage gaps, denied claims, or increased insurance premiums in the future.
Provide the Required Documents: Be prepared to share key documents such as your driver’s license, vehicle registration, and mortgage details. If you have a lender, your mortgage company may require updated proof of insurance to maintain compliance.
Confirm Coverage and Price: Double-check that your new insurance contract includes equivalent or better coverage options than your previous plan. If you're unsure, an insurance advisor can guide you through the fine print and ensure your new policy aligns with your expectations before the renewal period begins.
3. Notify Your Current Insurance Provider
In Quebec, the cancellation process for a car or homeowners insurance policy must be done in writing (sent by email or letter). Your insurer will only process the policy change once they receive your notice. To avoid misunderstandings or a potential cancellation penalty, always ask for written confirmation and keep it for your records.
Inform Your Mortgage Lender or Rental Company: If your home is financed or your vehicle is leased, your mortgage lender or auto finance company must be informed. They may request updated proof of insurance.
Additional Considerations: If your insurer provides premium refunds or cancellation fees, ask your insurance representative to explain how these terms apply. Many insurance companies specify these details in the renewal letter or cancellation form included in your renewal documents.
For a smooth transition, brokers like OVC Insurance can help you coordinate the cancellation process, avoiding any issues that could affect your claims history or future insurance premiums.
4. Understand Fees, Refunds, and Timing
Before cancelling your car or homeowners insurance, it's important to understand how timing affects potential costs and refunds.
Short-Rate vs. Pro Rata Refunds:If you cancel your insurance policy before the end of the renewal period, you may be charged a short-term cancellation fee (penalty).
Check for Refund Eligibility: If you paid for your insurance in advance and decide to cancel it during the policy term, you may be entitled to a partial refund after deduction of applicable fees. This is especially relevant if you switch insurers to take advantage of better rates, bundling options, or group discounts.
How to Avoid Penalties: To avoid fees, time your policy switch to match your renewal period. At OVC Insurance, we can help you align your start and end dates, preventing overlaps or gaps.
Frequently Asked Questions: Switching Home and Auto Insurance Companies
Can I Switch My Insurance at Any Time?
Yes! In Quebec, you can cancel your home or car insurance policy at any time, as long as you provide a written cancellation notice. However, cancelling before your renewal date may trigger short-rate cancellation fees, which reduce your refund amount. Timing your switch to align with your policy renewal helps avoid extra charges and simplifies the process.
Will Cancelling Impact My Credit?
Not if done properly. Cancelling your insurance policy the right way, by giving proper notice and settling any outstanding amounts, has no impact on your credit score. Issues only arise if you stop making payments without submitting a formal cancellation notice, which can lead to collections or negative marks on your insurance history.
What Happens if I Have a Pending Claim?
Your current insurer remains responsible for any open or pending claims. Therefore, an insurance policy cannot be canceled if a claim is still open or pending.
How OVC Insurance Makes Changing Insurance Providers Easy
At OVC Insurance, we understand that switching home and auto insurance can seem complex, but it shouldn't be. As an independent brokerage firm serving all of Quebec, our mission is to make this process simple, personalized, and hassle-free.
Here’s how we help:
Compare Over 20 Insurers and Wholesalers Quickly: Avoid repeated calls or forms on multiple sites. Our team compares personalized quotes from over 20 reputable insurers and wholesalers.
Tailored Advice from Licensed Brokers: Whether you're switching for better coverage options, lower insurance premiums, or improved claims service, our licensed brokers guide you every step of the way.
Seamless Coordination of the Switch:We handle the details, from setting your new policy start date to sending your cancellation notice to your previous provider. We also help coordinate with your mortgage company or leasing provider to update your proof of insurance, so you stay compliant.
Ongoing Support and Service: Your relationship with OVC doesn’t end once the switch is done. We’re here to assist with future policy changes, claims questions, and renewal reviews, helping you stay protected year-round.
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OVC Insurance: Personalized Insurance Solutions
At OVC Insurance, we take the hassle out of finding the right coverage for your home, car, or business. As independent brokers, we compare multiple insurers on your behalf to deliver tailored solutions that match your needs and budget.
Our mission is to make insurance simple by offering professional advice, competitive quotes, and reliable support throughout your policy, including when it’s time to make a claim. Reach out to us for guidance, meaningful savings, and dependable service every step of the way!