My Car Has Been Totaled When To Cancel Auto Insurance Policy
Reader’s Question:
I want to know how soon after a car is ‘totaled’ do I have to wait to cancel the insurance policy in Roanoke, Virginia? Should I have to wait for all payments (auto value and medical) to be made before I cancel? And am I entitled to a refund for the unused portion of the policy period?
Carmen
Roanoke, VA
If your vehicle gets ‘totaled’ in a car accident, and it is the only car on the policy, you do not have to wait to cancel your policy. If you choose to cancel the policy, because you are not getting another car to replace it on your policy, you will want to have a cancellation date for the day after the accident.
Your car insurance company will request proof that your vehicle was indeed ‘totaled’ in an accident and the date the accident took place if the other party’s car insurance company is going to pay you for the car accident, to backdate your cancellation date to the day after your accident. Most insurance companies in Roanoke, VA impose a ten percent surcharge to your return premium when you cancel a policy, this is somewhat called a ‘short rate’ cancellation. I do not know if that surcharge will apply in this type of situation. You will need to speak to your insurance company or otherwise, you will be refunded any money that is rightfully yours.
How To Switch To a New Car Insurance Policy
Reader’s Question:
I am currently insured here in Cambridge, Massachusetts and I plan to switch insurance companies. How do I go about switching my car insurance company and do I have to have a new provider first before cancelling my old policy?
Ellen
Cambridge, MA
I bet that you regularly review your car insurance coverage to make sure that you’re receiving the best insurance value for your money that’s why you decided to switch car insurance companies. Shopping around is a very good practice because sometimes, the premium rates for identical policies could vary among different companies. The reason for the variation of premiums could be very complicated but it would boil down to the insurance company’s claims experience with policyholders in your coverage group.
In general, all you have to do to cancel your policy is to inform your car insurance company in writing and specify the date you want the policy cancelled. You may be asked by the car insurance company to send back the actual printed policy. Your car insurance company would send you a cancellation request form that you should sign and return to them.
I suggest that you examine the form carefully so to make sure that all information with regard to your policy is correct. Before doing all these, you have to make sure that you have a new policy in place before cancelling your old car insurance coverage. And if it happens that you don’t have a new car insurance provider yet, don’t waste time and find a great insurance company in Massachusetts by getting an online rate quote available from this website.
Why Does My Car Insurance Policy Show As Non Renewal?
Reader’s question:
What are the reasons for which an auto insurance company can not renew your policy?
Lily
Good question.
Non renewal is very different from cancellation in that it is much less serious. However, you don’t want to take your chances, and having your car insurance policy not renewed can still have a negative effect. Here are some reasons why it happens.
- The person who uses the car that it covered is not able to be covered by the company for a number of reasons.
- The person who uses the car that is covered is not able to drive it well for reasons of their mental or physical health, such as an elderly person who is almost blind.
There are many other reasons why a car insurance company might not renew your policy. Some are negative, such as that you have had too many moving traffic violations. Others might have nothing to do with you, such as that the car insurance company doesn’t do business in your area anymore.
Cheers,
Fashun Guadarrama.
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