Changing insurance can be motivated by a personal wish or by a change in the insurer’s tariff or coverage.
In both cases, the starting point is the possible termination date and the termination notice period. This information can be found in the insurance policy, in the general terms and conditions or in the letter that was sent to by the insurer.
Before starting to change insurance, always bear in mind the termination notice date and the termination period.
Change of insurance: prerequisites
Depending on the nature of the insurance contract, the termination notice period is defined by federal, cantonal or private contract regulations. If you want to change your insurer:
- The first information to look for is the termination notice period. Also pay attention to ‘multi-year’ contracts you may have signed to reduce the cost of the premium that are blocked until the end of the agreed period.
- The second thing to note is not to be in arrears with the payment of insurance premiums.
Late payments of insurance premiums lead to systematic refusal by the new insurer.
Checklist termination notice period
Change insurance: timelines
There are two important milestones to have in mind when wanting to change insurer:
- The period of notice, (number of weeks or months before the termination date) your cancellation letter must arrive at the insurer before the beginning of the notice period.
- The date of termination may be a calendar date (end of year, end of quarter, etc.) or an anniversary date (month of signature of the initial contract).
Changing insurers can be complicated when there is a claim. For example, a car accident in the previous months may make it less attractive to take out a new Casco insurance with a competing insurer.
The inclusion of a treatment in the health questionnaire may also make it difficult to change health insurance providers for a supplementary health insurance.
Change insurance: challenges
Checklist termination period
You would like to improve your insurance coverage and the premium you pay. You also have other priorities that take up your time (family life, professional life…).
The first challenge is not to give up the process of changing insurance in the middle of the project, due to lack of time.
The second challenge is to actually be in a position to change insurance.
Do not forget that when you are thinking of changing your insurer after a claim, because you are dissatisfied with its service, it is not always possible to do so on favourable terms. We have already noted that a recent claim makes it difficult to change insurer.
The third challenge is that the change must bring a benefit in premium, in coverage. This challenge is linked to the first two: changing insurance requires time and attention. This effort can be excessive when the change of insurer is not well prepared or when the file is not compiled correctly.
Changing insurer is an approach that requires support and regular review (for example, to assess advantages, reviewing the deadlines, and sustaining the momentum).
Change insurance with the helvicare tool
The helvicare method and web platform will help you to change your insurance. They have been tried and tested.
Helvicare first assesses whether it is worthwhile to change insurance.
If the search for a new insurer can be successful, a schedule is drawn up together.
Helvicare regularly informs you of the progress.
Helvicare reminds you of what is still outstanding.
You can see at a glance where you are and what you still have to do in your personal helvicare web account.
Checklist change insurance tool
6 key triggers to change your insurance portfolio
You will find below the six most frequent events that are likely to trigger changes in your insurance portfolio:
- Your insurer informs you of a premium increase: it is time to compare.
- You regularly review your insurance policies that are the most expensive; this is the case for changing your health insurer.
- A change to the insured property (e.g. change of car) is an opportunity to assess the competition.
- Your household inventory increases following a purchase of equipment or a work of art is another opportunity to assess competition and avoid the risk of being underinsured.
- Your motor vehicle was bought a long time ago, its value has dropped, it may no longer be as interesting to insure it with Casco.
- A loss of employment may lead you to reduce your spending, to reduce your insurance cover.
Checklist triggers to change insurance