What to know about canceling your car coverage.
There are a variety of reasons why you might want to cancel your auto policy. For instance, you might want to cancel if you are moving away or selling your car. However, this begs the question: can you cancel your auto policy whenever you want? Here’s what you need to know.
- You Are Free to Cancel Whenever
Technically, you can cancel your auto insurance at any time. All you need to do is call your insurance provider and ask. Sometimes your car insurance will be canceled immediately after you call and you will receive a refund for all your prepaid premiums. In other cases, your coverage will remain valid for 15-30 days, or until your next payment is due.
- Cancelation Policies
Every insurer will have different cancelation rules. For instance, some may require you to pay a cancelation penalty. Others may impose a 30-day waiting period before they will cancel, with payment due up until that date. Finally, some insurers will prevent you from canceling altogether if you have secured the policy within the last 30-60 days.
- Cancelation Fees
Typically, cancelation fees are only charged when you attempt to cancel a policy right after securing it. However, some insurance providers issue fees regardless of how long you have held the policy for. Some insurers will set flat-rate cancelation fees while others will charge you a percentage of your remaining premium. Because every insurance company has their own guidelines, speak to your insurance provider to know what to expect.
This is what you need to know about canceling your auto policy. Do you have additional questions regarding your car coverage? If so, then contact the experts at Weaver & Associates in Arcadia, California. Our dedicated team is eager to assist you with all your insurance needs today.