Ask about the cancellation process Sign and send the cancellation letter, if necessary. How long do I have to cancel my car insurance policy? In North Carolina, you can retroactively cancel your car insurance policy for up to 30 days with all standard auto insurance companies. Don't worry if you forgot to cancel your car insurance the same day you took out a new policy. If you call your insurance company within 30 days, they can cancel your old policy the same day your new policy began.
The City of Medicine knows a thing or two about taking precautions. No matter how many times you've driven on the Durham Highway or how well you know the city's streets, things always happen unexpectedly. When they do, it's important to be prepared with sufficient auto insurance coverage. Take the necessary precautions and protect yourself, your vehicle and your wallet with Nationwide.
You can cancel your car insurance whenever you want and you will be reimbursed for “unused premiums”. If you're caught driving without insurance, you could face serious consequences, and if your car is damaged in an accident, you'll have to pay for repairs out of pocket. In reality, the only time you'll want to cancel your car insurance is if you change your policy or if you're going to get rid of your car. If you have an outstanding car loan or lease, you should also notify your lender that you have changed your insurer.
Stephanie Nieves was an editor and insurance expert at Policygenius, where she covered home and auto insurance. Canceling your car insurance won't lower your credit rating, but if you cancel your car insurance while you still have a car and don't have another policy in place, you'll have an interruption in coverage that could increase your rates in the future. The final insurance policy premium for any policy is determined by the insurance company upon application. However, if you cancel your car insurance while you still have a car, future insurers will see that you had a lapse in coverage, which can increase your rates.
If you change your car insurance company, it's essential that at least one day elapse between the end date of your old policy and the start date of the new one. If you take out other insurance for your covered car, any similar insurance offered in the initial policy will be canceled. Sometimes people want to cancel their car insurance because they think they don't need their policy anymore. Remember that if you change your car insurance company, make sure you have new coverage that begins on or before the coverage ends.
Some insurance companies will write in the car insurance policy that they will give you a “reduced rate” if you cancel before the expiration date of the policy term. Finding a policy that best suits you, maybe it's cheaper, that you switch to share a policy with your spouse, or want to combine it with other insurance products, is a good reason to cancel your current car insurance.