Can You Cancel Car Insurance Any Time?
There are many reasons why you might want to cancel your current car insurance coverage. Maybe you have found better rates, or a company that offers better discounts, or a company with better customer service. But what happens with the current policy? Can you just simply cancel it, when you want? Find out more and get auto cheap insurance quotes, for free, from our website.
Technically, the answer is “yes”, you can cancel your car insurance whenever you want. The circumstances in which you end the contract will determine if you could have to pay a penalty. If you cancel coverage immediately after purchasing it, it is likely you will be charged with a fee. Also, it is best to talk with a representative before asking cancellation, directly. The agent will tell you more about potential fees to pay.
Cancellation fees can vary from $25 up to a percentage of your overall premium. Every insurance carrier has its own conditions and penalties on cancellation. Check the fine print in your insurance package or speak with a company’s representative.
Many policyholders still have to pay some money on their car insurance after the policy is cancelled. If you cancel car insurance within the grace period, you will still owe money on the policy. A grace period provides coverage for a specified number of days past your payment due date. To avoid this, you must provide proof of coverage through another insurance company.
The best time to cancel your car insurance is after you have signed a policy with another carrier. You can cancel and switch at any time although renewal time is the best time. Go through the entire process of purchasing another car insurance policy and make your first payment. After that you should cancel your existing policy.
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