Can I cancel my auto insurance?
As a driver, many situations can arise in which you need to cancel your auto insurance. However, many policyholders are not sure if they can cancel their policy or what will happen when they choose to do so. To help you out, here’s what you need to know about canceling your car coverage.
- Policyholders Can cancel at Any Time
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 and unused premiums. In other cases, your coverage will remain valid for 15-30 days, or until your next payment is due.
- Cancelation Policies and Fees
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 only secured the policy in the last 30-60 days.
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 a flat-rate cancelation fee while others will charge you a percentage of your remaining premium as your fee. Because every insurance company has their own guidelines, it’s important to speak to your insurance provider, so you know what to expect.
This is what you need to know about canceling your auto insurance. Do you have additional questions regarding your car coverage? For assistance with all your coverage needs, contact an insurance professional at Westwood Insurance Agency today.