Commercial Auto insurance policies in Texas can be replaced in whole or part. However, it is best to engage a Texas-licensed commercial insurance agent before replacing any aspects of a commercial auto insurance policy. Experienced agents will advise based on a business's needs and can help with the entire process.
To switch from one commercial auto insurer to another:
Ask if the current insurer can provide the required coverage
If they cannot, notify the current insurer of the intention to switch to another company
A business representative or preferably a licensed auto insurance agent should shop for a new commercial auto insurer and find a suitable policy offering the required coverage
Ensure the new policy is in place before canceling the old one to avoid a policy gap
When you use the services of a knowledgeable state-licensed commercial insurance agent while switching from one provider to another, an agent can help you compare coverages from multiple insurers that may be using slightly different terms and coverage bundling, making it hard to compare “apples-to-apples” on your own.
The best option to replace a commercial auto insurance in Texas is to involve a commercial insurance agent. Independent agents have access to a variety of competing insurance companies that offer auto insurance and can leverage their relationships to find your business more affordable and better coverage.
Alternatively, you can search for insurance companies that offer the coverages your business needs on your own. Various commercial insurance companies licensed to sell commercial auto insurance in Texas offer online and over the phone quotes. If purchasing coverage on your own keep in mind 2 important things:
Make sure to check out the insurer’s reviews before applying for coverage. Financial stability and consistent quality of service are good indicators that the insurer will take care of you when the covered loss occurs.
When reaching out to an insurer or an agency, the staff agent (also known as “captive” agent) will be able to discuss with you only the plans, coverages, and bundles offered by their employer. Staff agents do not discuss or quote competitors.
Note: While the independent agent may have access to multiple insurers, they may not be able to offer the plans that insurers sell only through their staff. In order to get the best deal while replacing the old business auto coverage, get multiple quotes from various sources and then carefully compare them.
To replace a commercial auto insurance policy in Texas after finding a better deal, a business owner or their representatives should first secure the better deal by paying for it, and only then cancel the old policy - to avoid gaps in coverage.
Yes, you can switch commercial auto insurance providers at any time. It is best to engage a commercial insurance agent to help with the entire process. A business can switch commercial auto insurers in Texas:
If it moves to a new location
If it finds a better commercial auto insurance deal
If the current insurer does not offer good customer service
If you change commercial auto insurance companies, the business gets a new insurer, a new contract, and pays for it before the new coverage begins. With new coverage in place the old policy can be canceled. If the old policy term has not yet ended, the business may get a refund of the premiums either from the insurer itself (if paid in full), or from the lender, if premium financing was used. The insurer sends the refund to the premium financing lender, and after they take out what is owed to them, the remaining amount is sent to the business.
Yes, an insured business in Texas can change commercial auto insurance companies at any time. It is, however, best to engage the services of a licensed commercial insurance agent when making any such change. Agents are more familiar with insurers offering the best services in the state and can assist a business to identify one based on the needs.