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Guide to Selling Your Car and Stopping Insurance

Guest post by: John Clark

Article Overview: When it comes time to sell your car, then you will need to remember that the car insurance has to be canceled. The reason for this may not all at once occur to you. Until a car insurance policy is canceled, the insurance company is legally allowed to keep collecting insurance premiums from you. This is because until insurance is officially canceled, you are actually still utilizing their protection services, even without physically owning the car anymore. The following paragraphs go through what must be done when a car is being sold and insurance has to be stopped as a result.

Guide to Selling Your Car and Stopping Insurance

When it comes time to sell your car, then you will need to remember that the car insurance has to be canceled. The reason for this may not all at once occur to you. Until a car insurance policy is canceled, the insurance company is legally allowed to keep collecting insurance premiums from you. This is because until insurance is officially canceled, you are actually still utilizing their protection services, even without physically owning the car anymore. The following paragraphs go through what must be done when a car is being sold and insurance has to be stopped as a result.

Contacting the Car Insurance Company

First off, you will need to contact your car insurance company to tell them that you will be canceling the insurance shortly as you will no longer have the vehicle. You might do this over the phone or through the mail. Reasons will need to be given for why the cancellation is being affected. A sale statement may be requested to prove that you do not own the car anymore. After this has been accomplished, you should not have to pay premiums for the coverage anymore. There is even a chance than some of them will be returned to you, if coverage for the future has been paid in advance.

Following the Insurance Company Directions

All insurance companies operate differently. Some of them have specific instructions for how the policy can be canceled. Following up with them is a smart idea, so that you determine without any doubt that they have actually processed your cancellation. If it did not go through, they will continue attempting to collect premiums form you.

Making the Department of Motor Vehicles Aware

The whole affair of the insurance stoppage will not be completed until the Department of Motor Vehicles has been alerted. Some DMV's have particular actions that have to be performed once a policy is canceled. In any case, talking with them to make certain that the whole affair is settled is always a good way to go. If they give out specific directions for canceling, you should be careful to follow through. In some states, an insurance company will simply notify the DMV that you no longer have insurance coverage, without providing them with the reason. The DMV may require that the plates and registration be surrendered, or that other proof of the car being sold is furnished to them in order to consider the matter settled.

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Article Tags: car insurance policy, insurance, insurance company, insurance premiums, selling your car
Referred by: http://www.franchisefix.com/



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