Selling a car without canceling insurance?

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PostPosted: Thu Dec 25, 2008 2:01 pm   Post subject: Selling a car without canceling insurance?  

Hi, Some one is interested to buy my dead car as soon as possible. But my insurance is not canceled yet because my agent has been closed for christmas. Can I sell the car with out canceling the insurance? Do I need to inform them before I sell my car? Eventually I will be informing the insurance agent but not at the time when the seller comes and buy the car . I appreciate if some one gives advice

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PostPosted: Thu Dec 25, 2008 4:02 pm   Post subject:   

Yes, you can sell the vehicle and have the insurance canceled effective the day ownership was transfered.



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PostPosted: Fri Dec 26, 2008 12:39 am   Post subject: insurance  

PHIL..........does the insurance cancel 'automatically' when the owner, of the car, changes? You don't need to contact someone about cancelling it? However...........you don't 'own' a vehicle without the Title being in your name. If the OTHER person doesn't get the Title in his/her name SHORTLY after they buy the car, I would think the insurance ( of the person who sold the car..) would be on there until he/she cancels it.

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PostPosted: Fri Dec 26, 2008 2:04 am   Post subject: Insurance  

Ok. I understood your point.

As soon as I transfer the ownership to some one...... he/she...the buyer is responsible for the insurance of that car.

I guess I can cancel the insurance on anytime once I sign the title and give it to buyer.

Thanks for all your inputs.

Appreciate it

Merry Christmas

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PostPosted: Fri Dec 26, 2008 9:09 am   Post subject:   

Hi ss, cancelling the isnurane isn't a requirement for selling the car. And, as the other members have mentioned you may need the coverage as long as the title remain on your name.



Not cancelling the policy may not affect the selling process. Hence, you can simply call at the agents office when they'll open next day and terminate the coverage.



However, you long have stayed on the plan? is any refund of premium due? Some companies may return the premium that you have paid on the car if you sell the car before the free look-in period is over. You may wish to check that option as well with your agent.



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PostPosted: Fri Dec 26, 2008 11:06 am   Post subject: insurance  

Hello, JEREMY. Yea...........I was trying to see the 'whole' picture. For Example: Let's say the Title was 'transferred, howevr, the Insurance wasn't cancelled yet. If, for some reason, the 'NEW' owner was is an accident, then the Insurance issues would go on the person whose name is STILL on the Insurance........right?

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PostPosted: Fri Dec 26, 2008 2:50 pm   Post subject: Insurance  

Jeremy...

Once we transfer the title, he/she is responsible for the insurance on that vehicle.....am I right?

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PostPosted: Sat Dec 27, 2008 1:53 pm   Post subject:   

Yes, SS once the money and title have changed hands it is no longer your responsibility and is the full responsiblity of the new owner



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PostPosted: Sat Dec 27, 2008 4:12 pm   Post subject: insurance  

Have a question, LORI ( don't I always?..LOL) If for some reason, the OP din't cancel the Insurance yet. Would the insurance AUTOMATICALLY be cancelled, if the Title is transferred? I'm alittle 'fuzzy' on that one.

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PostPosted: Sun Dec 28, 2008 12:31 pm   Post subject:   

With most company's yes, as far as covering any claim the new owner had in the car, but she's losing money every day she doesn't cancel it, some companys wouldn't back date that cancelation.



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PostPosted: Sun Dec 28, 2008 2:59 pm   Post subject: insurance  

Ok........NOW I understand. Thanks for the 'clarity'. Crying or Very sad

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PostPosted: Sun Dec 28, 2008 5:35 pm   Post subject:   

When the insurable interest is removed the insurance has no duty to respond. The company will date the cancellation the date that the interest was removed (when ownership is transfered) as their exposure ended then.



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PostPosted: Sun Dec 28, 2008 11:55 pm   Post subject:   

Here is a question that goes back to SD question (in a way). If your vehicle is totaled in an accident and it takes a month to get a new vehicle can you cancel your insurance on that vehicle? My insurance rep said he would not advise it if we were getting a new vehicle and was going to use those plates. I was carrying full coverage at the time (not cheap). They were suppose to adjust my policy later after I added the new truck but never did. When I called they acted like the conversation never happened and never adjusted the policy. I would have changed insurances right then and there but since I was using my med pay I was advised not to. What does a person do in a matter like this...swollow the loss?

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PostPosted: Mon Dec 29, 2008 2:00 pm   Post subject:   

I always tell people if it's going to be a week or ten days (before they buy their replacement vehicle) I'd not cancel the policy, but anymore than that I certainly would (and have)...if it takes a month to get the replacement vehicle, you've basically flushed that premium...no other way to look at it.



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PostPosted: Mon Dec 29, 2008 3:24 pm   Post subject:   

If there is more than one vehicle on the policy then yes it would be fine to remove that vehicle from the policy.



But if there is only one vehicle on the policy this is not advisable. Your personal automobile insurance policy provides you with liability coverage. When you are operating an auto regardless if it is your vehicle or one you rented or borrowed you most likely have a policy that extends liability coverage unless it is a scheduled vehicle only policy and these are not common in personal insurance policies. It also most likely has Uninsurance and Under-insured motorists coverage as well--if you were a passenger in a motorvehicle and were injured due to an under- or uninsured driver you would have protection or if the vehicle you were a passenger in had little or no insurance. You may also have additional coverages included in your insurance policy and these vary by state.



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