What Happens to My Quick Car Insurance Policy If I Sell My Car?

 Can I transfer my quick car insurance policy to a new vehicle? Or do I cancel it? In this article, we will discuss the options for each. Whether you can cancel it or keep it active until all the car sales are complete, you will want to keep your insurance policy active. You can also transfer your coverage to another vehicle. However, this is not advisable. It will cost you more money in the long run.

A transfer of coverage from one vehicle to another can be a relatively quick process, as the insurer typically gives drivers up to 30 days to switch their policies. This will allow drivers to keep coverage for their old vehicle, which can be useful if they do not trade in the old one right away. Alternatively, if they do not wish to transfer their policy, they can contact their current insurer immediately and request amendments to it.

Contact Your Current Car Insurance

Once you have sold your old vehicle, it is a good idea to contact your current car insurance company and request a new quote for the new one. There are many online resources that will allow you to get quotes. After you've received your new quote, you can start looking for a policy that meets your needs. Consider the cost, deductible, and coverage terms before making a decision.

Once you've selected a new vehicle, you should complete an online application form with the same details as the one you used to insure the old one. You'll need to provide details about the car and the driver, and then your driving history. The quote website will then check to make sure you have no violations and are eligible for the same coverage as you had before. It's important to remember that the auto insurance quote you get will be personalized, so don't hesitate to compare multiple quotes. Once you've received your quote, you'll be on your way to saving money on your coverage.

Process of Canceling Car Insurance Policy

The process of canceling a quick car insurance policy depends on the insurer and the policyholder. If you don't follow the procedure, you could face consequences, including paying out-of-pocket expenses for repairs. To avoid the hassle, cancel your policy as soon as possible, ideally the day after you sell your car. Nonetheless, you should consider the consequences of canceling your insurance early, especially if you plan to buy another vehicle and sell the one you had.

Your current insurer may be reluctant to cancel your policy, as they don't receive notification of your sale. If you sell your car, however, be sure to notify the insurer that you'll be selling it. They may be willing to waive cancellation charges in exchange for your notification. This way, you can avoid the risk of gaps in coverage. You'll also avoid having to deal with insurance companies over cancellation penalties.

Final Thoughts

You'll need to notify the insurer a few weeks before your current policy expires. That way, your new coverage will pick up where your old one left off. This buffer period will ensure that you have time to find another policy and cancel it. So, don't be afraid to make a change. But remember to do it in time and you'll be glad you did.

More Resources:

Non-Owner Car Insurance: Do You Need It?

Why Do You Need Car Insurance