Yes, you can switch companies if you have a loan on your vehicle. If you find a new insurance company with policies that match your auto insurance needs or your budget, it is possible to make the switch. During the process, you should make sure your new policy reflects that your lender or lessor is an additional interest. If not, the lender may get a cancellation notice from your previous insurer but may not receive the new policy details. If this happens, the lender may think there’s a lapse in coverage. If you receive a letter about proof of insurance from your lender or lessor, send it to your new insurer so they can update your policy and offer proof of insurance to your lender.