by ss0198 » Thu Dec 25, 2008 02:01 pm
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
Posted: Sun Dec 28, 2008 05:35 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.
Posted: 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?
Posted: Mon Dec 29, 2008 02:00 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.
Posted: Mon Dec 29, 2008 03:24 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.
Posted: Mon Dec 29, 2008 10:28 pm Post Subject: insurance
What about:......?.............If you do have 2 cars on the policy and one was totaled ( as FIREYONE was saying), can you 'cancel the policy with the 2 cars and put the 'driveable' car on it's OWN policy? Would THAT be 'beneficial' in any way..save you money, etc? Hope you get the question.
Posted: Tue Dec 30, 2008 02:51 pm Post Subject:
you could have ten cars on one policy but each will have it's own designation, or unit number, something that identifys it...you can remove one and leave the others in tact.
Posted: Tue Dec 30, 2008 11:40 pm Post Subject:
Very true..we have three on our policy and each have their own"ID number" as I call it. At least that is what they are called on my policy (right in front of me). What I was wondering is if the insurance company knows you will not have a replacement vehicle for like a month why do they suggest you do not drop that vehicles insurance since it is no longer drivable. I thought maybe it had to do something with the plates.
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