Auto insurance renewal?

Hello all,

My current auto insurance is ending next month and the renewal form just came in. Coincidently, I was offered a better deal from another auto insurance that was less than half of what I currently am paying. I called and check and it was the same coverage.

My question is that do I need to let them know that I will not renew my current auto insurance with them? This is my first time planning on switching and I would like to know if there is any penalties or anything in general I should worry about.

No... You just stop paying and they'll stop covering you when your policy runs out... Have the new coverage start on the day your old coverage runs out and you're golden.

The only time you'd have to call is if you wanted to switch companies before your policy ran out. You'd receive a partial refund in most cases. Your new insurance company would offer to do it for you in most cases.

All insurance policies expire the moment payment is late. Obviously, they won't cover you for anything when you haven't paid them!!! They won't renew your policy without being paid. They will send renewal information and your first bill in case you opt to renew. You bought insurance for a certain term and you simply can't be charged a penalty for not buying insurance from them again!!! Insurance companies sell insurance in terms and try to jack up the price a little every term. They couldn't do this with auto-renewal. They couldn't raise your rate if your driving record changed etc.. Who are these people giving "advice"?...

EDIT: No...no...no... When you buy a term of insurance from a company... you do not become their slave!!! You owe them absolutely nothing for selling you insurance!!! You cannot be accused of non-payment for a policy that is never purchased!!! A policy that is not purchased cannot be considered canceled!!! That's ridiculous!!! It is ABSOLUTELY none of their business who you buy insurance from next!!! Your business relationship with them is over and in good standing once you're kind enough to buy a term policy from them, pay in full and the term ends!!! If you ever go back to them, they will be glad to see you and give you a competitive quote to try and win you back from the other company!!! You people are pathetic... No wonder the government's getting away with all this garbage lately. What pathetic sheep!!! And all the "thumbs down" from you idiots who think your insurance company is the Gestapo... F you!!! Why do you beg to be owned and automatically decide you must hand out authority over you to people who simply sold you something??? What's wrong with you???!!!

Obviously, Ms. supposed insurance lady down there is talking about how insurance companies will just about always try to get you to cancel your old policy mid-term. They would of course rather start making your money immediately. In this case, the state will of course have rules as to how the old company must be notified and the time limits to get a refund for the customer starting on a certain day etc... The insurance company knows the rules and offers to do it for you because it makes them money. This has absolutely nothing to do with policies that are not renewed. If Ms. "insurance lady" was really in the business for 20 years and not a pathetic liar, I'd have to doubt she'd be spouting such rubbish unless she's senile or the question confused her... Does she remember calling in the Feds whenever someone chose not to renew a policy without notifying her?... LOL Why the heck would they have to notify her? Zeig heil nazi insurance lady...

It really burns me up when people lie and talk out of their butts about things they don't understand and then even insult people who know what they're talking about. Very trashy.

You do need to let your old company know somehow that you are moving the coverage to a new company. How you do that, varies from state to state. The NEW company should tell you how you need to notify the old company, and help you do it.

Normally, an AGENT would do this for you - the NEW agent.

Make sure of certain things. Like do they cover your friend or girl friend who drives your car with the same coverage you have? Or do they cover her or whoever drives your car with the minimum coverage even if you pay for the higher coverage? Many insurances do this. Also do they replace your parts with OEM parts when you have an accident or after market or used parts? Do you have uninsured motorist? Tow coverage?Medical coverage that covers your deductible? If you own a home carry the maximum coverage because if you carry a minimum coverage bellow 300 thousand You could be sued and loose your home. Check the little things that could leave you hanging. The new insurance will usually cancel the other policy for you once it is en-stated. Talk to the agent on this. Many coverages are different prices but compare it completely.

I recommend you call your current insurance company and let them know that you want to cancel with them in the following month. You want to know if your current policy is set to renew itself automatically or it just expires when payment is not received. This the best option instead of just waiting and crossing your fingers that it doesn't renew automatically.

I agree that you should contact your current car insurance provider, and explain what your doing, just to be safe. This is also a good way to let them know they're loosing a customer because their rates are too high. http://insurancetipsguide.com/

Yes, call them and let them know the last day that you will need auto insurance. Make sure your new insurance kicks in that day. There are no penalties. Voila, you're done!

You should always let the current company know you will not renew. If it is because of price, let them know that it is for better rate. Not only is it a professional courtesy that is appropriate, it keeps the door open to get insurance there in the future. Plus, you want to make sure that your file is "clean," i.e., you do not have cancellation solely due to not payment of premium. I am a mortgage broker, and sometimes insurance payment history is used as an alternate form of credit history. You do not want to have to go through the process of providing proof that you just changed insurance companies, as opposed to being cancelled just because of non-payment.

You need to make sure there is no lapse in coverage. It is wise to provide copy of current insurance card to new provider, with a note that you want to be sure that you have continuous coverage. That reduces the chances of lapse in coverage.

You can cancel any auto insurance policy at any time, your insurance company should issue a refund for any perpaid policy that you did not use. While saying this I will add that there has been reports of insurace companies adding terms to their contracts that hold penalties for early cancelation including a no refund clause. your best bet would be to get the new insurace before your policy renews. I would also like to add that you should verify that the rate quoted will be the price you will pay I have heard of several people being quoted one premium than being billed another because of marks on their driving record or previous accidents not found at the time of the quote

you try this site you get full information

Enter Your Message or Comment

User Name:
User Email:
Post a comment:

Archive: Forum -Forum -Finance - Links - 1 - 2 - RSS - All RSS Feeds
The Causes and the Results. 0.014
Copyright (c) 2011 Financial Crisis Sunday, May 27, 2012 - Terms of use - Privacy Policy