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There are many consumers unsatisfied with their current automobile insurance outfits for a variety of reasons. Some feel they’re overpaying, have had a bad [real world] experience with customer service, or feel they have been treated unfairly when they made a claim.
Although unsatisfied, many consumers feel they’re stuck with their current automobile insurance company until the policy expires. What they don’t realize is that automobile insurance is not a contract and can be cancelled at any time.
Many questions that arise include: “Is automobile insurance a contract, what happens if I cancel?” or “Will I be sent to collections if I cancel my [FREE and EASY blogging] policy?” The answer to the first question is NO. Auto insurance is not a contract; however, policyholders must be aware that there is the possibility that there may be an amount due after cancellation. This can be due to either unpaid earned premium, cancellation fees (range in the area of $15-$50), or policy fees (usually range from $10-$40).
Many believe that whatever months are left in their term will be owed. For example, if 1 purchased a 12 mo. policy in Jan. and cancelled in Mar., they would owe from Mar. through the rest of the 12 mo. period. This is not the case since the insurance outfits cannot charge for time they were not at risk, in other words, “unearned premium”.
Sometimes cancelling a policy can result in an amount due and the amount must be paid or it may end up as a collection; however, some may find it beneficial even to cancel their current policy and pay whatever fees stay and switch to another insurer which will save them currency every mo. or even provide the expected service.
For example, if somebody is left owing a cancellation fee of $30, plus earned premium of $47 bucks, they would owe a total of $77 bucks. This may be worth it if they cancelled to find another insurer which is saving ya $20 per mo.. This means in a little over 3 months they would recover your fees and would start saving currency thereafter for years to come.
Sometimes there is no currency owed and even better, sometimes there is currency owed to the policyholder, it just depends on the circumstances. The best and easiest way to find out is by contacting the carrier and asking them what fees to pretty well expect, if any, upon cancellation.
If ya are unsatisfied with your current company for any simple reason, complete an automobile insurance comparison from leading carriers by visiting Insurance-Integrity.com. This way ya can compare outfits by price, brand or even financial strength and even buy automobile insurance on-line.
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