How to Change Insurers: Switch to First for Women Insurance in 6 Easy Steps

It seems like just yesterday that we were celebrating the end of what was a difficult year for many. We’re now halfway through 2022, which is an ideal time to pause and reflect on how far you’ve come – and what you need to do to reach your year-end goals.

For many of us, saving for a holiday, birthday celebration or new car is a priority. It’s never been tougher to do this. Bloomberg[1] reports that inflation has reached a five-year high – meaning that the cost of living is only going to get higher. If you’re feeling the pinch, you aren’t alone!

Before you start upending sofa cushions in search of spare change, you should consider that there are simpler ways to end up with extra money in your account at month-end. Here’s how switching to First for Women insurance could help you out.

The Main Reasons People Choose To Switch Insurers

• Increase in premium 

• Poor customer/support service

• Changes in lifestyle

• Desire for better benefits

• Personal preference

When it comes to a product like insurance, it’s easy to part (albeit grudgingly) with your money once a month and not think about it again until you need to make a claim. Insurance is a product that you hope you never have to use, so it’s normal that you might try to keep it out of sight and mind.

However, now that you’re halfway through the year, it’s worth a little effort to examine your current insurance and insurance provider to see if your needs are still being met. A lot can change in six months – you can switch jobs, start a family or move to another province. What worked for you at the beginning of the year might not work for you anymore.

Even if you’re reading this and thinking your current insurance is ‘fine’, are you happy to settle for this? Switching to another insurer, such as First for Women Insurance, could provide you with unexpected benefits that add value to your life instead of just offering you protection. And what’s even better, you could do so by spending a little less!

Can I Switch From One Insurance Company To Another?

Yes you can. But it’s important to remember that ‘switching’ your insurance is not the same as ‘cancelling’ it! If you cancel your insurance – which some people are tempted to do to cut costs – you leave yourself vulnerable to financial disaster. If you switch your insurance company, you maintain the financial protection of your property or assets, while changing the insurer.

There’s a common assumption that switching insurance providers will come with a paperwork headache and financial penalty. While this might be true of long-term insurance products like medical aid and retirement annuities, it doesn’t apply to short-term insurance. This means that you can switch to First for Women insurance at any time.

Provided you carefully research your potential insurance options, you can switch insurers today. Be sure to examine the fine print and ask as many questions as you see fit. For example, if you’re thinking of switching to First for Women car insurance, you’ll want to make sure that you’re happy with the premium and the excess they’re offering you and the time frame of when you will become eligible for a no-claims bonus. 

How To Switch Insurers: The Process In 6 Easy Steps

1. Review your current needs and match the relevant insurer.

Our lives are dynamic and things can change all the time. You need to be sure that your insurance policies are in line with your current needs.

2. Speak to a trained broker to discuss your options

To save time you can seek out an insurance broker who will source quotes for you, however, you should be aware that they could possibly receive commissions for recommending certain insurance products. 

3. Ask your current insurer about cancellation fees and other matters

Once you’ve decided you’re not happy with your current insurer, you’ll need to investigate if your current insurance is paid in arrears or in advance and on what date your monthly coverage is deducted. For example, you may want to switch to First for Women home insurance immediately, only to find that under your current insurance policy, you’ve already paid for the month ahead.

Once you’ve determined when to cancel your coverage, you can contact your insurer and make a formal written request. Be aware that your current insurer might suddenly offer you a discount or value-added benefits if you choose to stay with them. Before accepting any kind of counter-offer, take time to think about whether it will address your reasons for leaving them in the first place.

4. Purchase the new policy

If you decide to proceed with the switch, contact your new insurer as soon as possible and give them the date you’d like your new insurance to commence. To avoid delays and lapses in coverage, make sure you have all their requested paperwork ready and waiting. Set aside enough time to complete any mandatory tasks that you might need to complete, such as getting your vehicle inspected at a designated centre so that your First for Women car insurance can come into effect without unnecessary delays.

5. Cancel the old policy

It is very important that you cancel the old policy only after taking out the new one! You do not want any potential problems from a lapse in coverage

6. Inform your financier and any other relevant people of the change 

Your final task will be to update your records. If your car is financed, you’ll need to update the financier on your change in insurance providers. You’ll also want to capture pertinent details of your insurance and share them with the relevant people. For example, you might be paying for your son’s car insurance. Alerting him about your new insurance details will mean he knows who to contact in the event of an accident.

Get a First for Women Insurance Quote

As you can see, switching insurance (and specifically switching to First for Women insurance) can be a painless and speedy process that could save you money. If you really want to maximise your savings, you should consider switching all your insurance products to First for Women insurance, as you could qualify for a discounted rate. For a First for Women insurance quote or simply to find out more about First for Women car insurance or First for Women business insurance, contact us for assistance.

Sources:

[1] Bloomberg: Price shock may spur biggest South African rate hike since 2002 

Disclaimer: The information in this article is provided for informational purposes only and should not be construed as financial, legal, or medical advice. First for Women is a licensed non-life Insurer and FSP. T’s & C’s online.