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The TRUTH about Canceling your Safeco Insurance Policy
If you have a Safeco insurance policy and are looking to cancel, there are several ways to do this. However, did you know that you may not need to cancel your policy depending on your situation? Here are some things you should know before you contact Safeco to cancel.
Some Factors to Consider
Before canceling your policy with Safeco or any other company, you should consider the following factors.
Do You Have New Insurance?
Almost all insurance companies universally base your price on your prior insurance history. This means they look at whether you have had any lapses in your insurance. Even lapses as short as a day or two can negatively impact your future premiums. So, before you cancel your Safeco policy, you should ensure you have another one lined up. In addition, your new policy effective date should match the cancellation date of your old one, so there is no gap between the two.
Why Are You Cancelling?
Next, you should consider the reason why you are canceling. As mentioned above, there are some scenarios where you don’t need to cancel your policy, and you can change your existing one. Here are some reasons you may think you should cancel, but other options exist.
I No Longer Have My Car
Perhaps your car has been totaled in an accident, or maybe you sold it. Either way, you no longer have a car. This is a perfect reason to cancel your car insurance, right? Well, that depends. When are you getting a new one? Remember that insurance lapses are a factor in pricing. If you’re going to be without a car for a couple of weeks, you might be better off keeping your policy active and just adding the new car when you get it rather than canceling altogether. However, if you think it may take longer, it may make sense to cancel. Your Safeco agent may have other suggestions for you depending on why you no longer have your car. So, reach out to explain the situation and get their expertise!
I Have Moved
Moving to a new location may sometimes require a new insurance policy. This is often the case in homeowners’ policies. But with car insurance, moving just requires a simple address change. If you have recently moved and are now keeping your car at a new location, give your Safeco agent a call, and they can update the garaging address for you. There may be a difference in price if you’ve moved to an area rated higher/lower than your prior address. But your agent can tell you for sure. Updating the address, rather than canceling, will allow you to keep your tenure with the company, as well as all the discounts you have earned with them. So, it’s generally a better option than canceling altogether.
I’ve Had a Change in Marital Status
You should notify your insurance company if you have recently gotten married or divorced. With this change in marital status, your agent will update your policy and may inquire about adding or removing drivers, whichever is applicable. Generally, getting married or divorced doesn’t require you to cancel your policy. You may want to combine policies with your new spouse, but it’s not mandatory. If this is the route you wish to take, you can always ask for a quote to add your spouse to your policy with Safeco. In a divorce situation, you can simply remove your ex-spouse as a driver.
I’m No Longer Driving
No longer driving your car seems like a legitimate reason to cancel your insurance policy, but it actually depends on the circumstances. Many states require any vehicles with an active registration to be insured, regardless of whether they are being driven. You risk being penalized with fines or even a license suspension if you do not carry insurance. It’s also just good practice. A car parked and not being driven can still be damaged by things like fire or theft. So you may want to consider keeping your policy active to ensure you have coverage for those events.
The Price is Too High
Your first instinct may be to cancel your policy if you feel your price has gotten too high. While this is undoubtedly an option, you may be able to save some money on your current policy and not need to cancel. The best way to determine how much money you can save on your existing insurance is to reach out to your agent. They can review your policy and potentially reduce or remove coverages you may not need. For example, suppose your car is older, and the value has decreased. In this case, you may consider removing the comprehensive and collision coverage. Or maybe your car is valuable enough to keep these coverages, but increasing the deductibles is the better option. Your agent will also be able to help you identify any discounts you are eligible for but not currently getting to save you some money.
I’m Bundling My Car/Home Policies
Combining your car and home policies with one company is a great way to save money. In addition to any money savings, having multiple insurance policies with one carrier is convenient. Safeco offers auto, home, boat, umbrella, RV insurance, and many other lines of business. Before canceling your Safeco policy, have your agent quote your home/renters policy. You may find that the price for both policies is competitive with the quotes you’ve gotten from other companies. Occasionally, bundling with one insurance company does not save you the most money. It may be cheaper to carry your auto insurance with one company and your home insurance with another. Get quotes for both to ensure you are getting the best deal.
I Don’t Like My Agent
Your Safeco agent should be trustworthy, knowledgeable, and ready to help with your insurance needs. But sometimes, things don’t work out. If you are thinking of breaking up with your agent, the good news is that you don’t have to cancel your policy to do it! Many independent agents represent Safeco, and other agents in your area can take over your policy. Once you find another local agency you prefer to work with, give them a call and explain that you would like to switch agents but keep your Safeco policy. They will be able to handle the rest!
How to Cancel
Perhaps you’ve considered the above and decided you’d still like to cancel your Safeco policy. There are a few ways you can accomplish this.
The most efficient way to cancel your Safeco policy is to call your agent. Most often, they will have a form you need to sign, but they should be able to cancel your policy without hassle. In most cases, especially if you are remaining with the agency but switching to another insurance company they represent, your agent will take care of canceling your old policy at the same time they start your new one.
If you aren’t able to get in touch with your agent or would prefer to speak to Safeco directly, you can call (800) 332-3226 and talk to a representative. Have your policy number available for the call to help this process go smoothly.
You can also visit your agent’s office, if they are local, to cancel your policy in person. The process will be the same as over the phone, but you may want to check your agent’s office hours beforehand to ensure someone will be available to help.