When you purchase a new insurance policy from a new provider, it is important that you properly cancel your old insurance policy. Failing to cancel your policy properly will not only cost you, but it could even hurt your credit score. You are free to cancel your existing car insurance policy whenever you want. But, you must do it properly in order for the termination to be effective.
You should not simply assume that the policy will automatically be cancelled at the end of the policy term and that you no longer need to make future bill payments. Although the insurance company will cancel your policy if you fail to make bill payments, they will also note it on your credit report.
Furthermore, if you do not give your insurance carrier proper notice of cancellation, you hinder your chances of being able to purchase affordable coverage elsewhere. This because other companies can, and likely will, check your insurance and your credit history in order determine rates. If they see that the insurer has cancelled your policy, they may charge you higher rates. If you cancel your policy using the correct methods, you can avoid this.
Most insurance providers prefer that you send a letter stating that your desire to cancel your policy and the date you wish the cancellation to take effect. Alternatively, you can do this over the phone. The insurance company will then send you a cancellation request form to sign and return. Take the time to read and understand it.
However, if you are cancelling your policy in order to purchase a new policy from a different insurance company, make sure that you coordinate the effective dates so that your new policy begins the same day, or earlier, than your old policy ends. You do not want to risk being uninsured for even one day.
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