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What happens if I cancel my pay monthly car insurance policy after 4 months?

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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby burnard » Fri May 11, 2012 10:36 pm

If i cancelled my pay monthly policy for my car after, for example, 4 months, would I have to pay any extra fees except the deposit and the months I had paid for so far?
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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby ciyde32 » Fri May 11, 2012 10:53 pm

Most companies are fine with people cancelling midway through pay monthly policies. Normally the only issue is that you'll not get your 1 years no claims bonus.

But as that doesn't seem like an issue... Then depending on the company you'll be ok to cancel but may have to pay a small charge. Either say, finish paying the month your cancel or a reduced figure generated by the company.

Best way to find out, daft as it sounds is just to ring them up and ask. (Remember cancellations will always try to make you stay as well! Prepare for a battle)
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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby sutton81 » Fri May 11, 2012 11:04 pm

Probably yes, but as with all these questions about a particular insurer's T & C you'd need to ask them, all we can do is guess.
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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby birke26 » Fri May 11, 2012 11:08 pm

In most places you need to cancel your registration and turn in your tags to avoid getting a ticket for an uninsured car. You can't park it on the street without tags or it gets towed.
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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby ira » Fri May 11, 2012 11:15 pm

depends which cimpany but most have a cancellation period like you have to give two months notice in writing
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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby adiel » Fri May 11, 2012 11:21 pm

That will depend a lot on the provisions of your car insurance. Most car insurance have clauses or provisions on cancellations prior to the expiry of the insurance. If your insurance company is okay with it, with maybe a cancellation fee to charge, then by all means you can cancel. Make an inquiry with your insurance broker or company first before making any final decision.
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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby watford » Fri May 11, 2012 11:32 pm

Your contract with the insurance company is for 12 month's cover (1 Year) They have 'allowed' you to pay for this in 12 monthly instalments, no dou bt charging a premium to do so.

If you wish to cancel this agreement after just four months the MAY let you do so nbut there will be penalty charges involved.

If you've made a claim against this policy in theb 4 months then you are liable for the full cost of the policy

Check with your insurer
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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby willaburh » Fri May 11, 2012 11:35 pm

yep and even better they notify the dmv that you have stopped payment on your car insurance and when so that there is a record of this at the dmv. Now you have real problems because in order to satisfy the dmv you better show real proof of insurance or they can and will suspend your license and your registration and assess a daily fee or penalty for not being forth coming about your car insurance. dmv has all the marbles ace get a clue and get insurance
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What happens if I cancel my pay monthly car insurance policy after 4 months?

Postby adoff24 » Fri May 11, 2012 11:42 pm

All insurers operate differently, but it is likely that there will be some financial penalty clause built in to the policy so that you will owe them something on cancellation. The only way you will know for sure is to check the cancellation rights in your policy booklet. In some cases, the full annual premium would be payable.
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