Many car owners may run into situations when they want to cancel insurance coverage on their vehicles. Collisions, mechanical problems, or job loss can all lead to situations when coverage cancellation is necessary. Processing a cancellation request is not overly difficult and usually can be taken care of in just a few minutes. Follow this step-by-step process to cancel insurance on your undrivable vehicle today.
Contact the insurance company-Contact your insurance company or even your insurance broker. This can take place in a variety of ways. Sort through your policy forms and determine how best to contact the company based on the information they provide. Many companies require to be called on the phone for any policy changes (including cancellations), however some will allow you to contact them via email for certain changes. If you go through an insurance broker, it may be simpler just to email them about the cancellation.
Resolve all claims-If you have any pending claims, make sure that they are resolved prior to giving the word to cancel insurance on your vehicle. If you make a cancellation request prior to your claim being processed, it could complicate the process of getting your rightfully owed money. Make sure while you are speaking with the insurance agency or broker that you can get your current claims status prior to cancelling your policy.
Process the cancellation-Follow the company’s procedure for processing your cancellation request. Some companies will have additional policy forms to fill out, sign, and send back to them. Others will cancel your policy from an impersonal email request. There should not be any insurance fees associated with cancelling your policy however, the company should reimburse you for prorated insurance payments you had previously made.
By following these three simple steps and always being in touch with your insurance company, you can quickly and easily cancel insurance coverage on your undrivable vehicle.