If you no longer need your auto insurance policy, then you may be wondering if you can cancel it. Fortunately, canceling your car coverage is typically easy and possible. Here’s what you need to know about getting rid of your auto insurance policy.
As previously mentioned, you can usually 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.
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 car coverage. Do you have further questions regarding your auto insurance? If so, then contact the experts at Mike Leonard Insurance Agency. Our dedicated team is eager to find you the right coverage from one of our many carriers including: Kemper, MetLife, Nationwide, Travelers, The Hartford, Safeco Insurance, Progressive, and American Strategic Insurance.