Is it possible to cancel the signature of auto insurance for new car?
Is it possible to cancel the signature of auto insurance for new car?
Hello,
I have just bought a new car in a Toyota car dealer: They have found for me an insurance for the car, comparing with different insurance companies. But now at home, I am trying a quote with Geico, and it seems that I could probably get a better price with this company (not completely sure, I need to call them).
Is it possible to cancel my signature as I did not receive the policy yet ? and I did not get my car yet (but tomorrow) ?
I don't know if here in USA we have the possibility during some days (one week for example) to retract ourself….
Thanks for information.
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3 Responses
1.31.2010
This is going to be very lengthy so forgive me. Lots of people make big mistakes in situations just like these.YES, that policy can be canceled and you can even request a back-date cancellation. This will make the policy as if it never existed which means you'll get the full amount of premium back. You'll just need to ask them specifically for a backdate cancellation and tell them that it's because you didn't take posession of the vehicle. That's the only way they'll do it. As for this other policy with Geico, yes. Get it started up! But here's your hanger:You aren't going to get the money you paid the other insurance company back in time to spin that money around to pay Geico, not unless you contact them the same day that the money is taken. With most places, the payment has already been processed. They'll have to send you a refund which generally takes 7-14 days. As you can see, this will put you in a little bit of a bind since you're going to have to pay Geico to start the policy to take posession of the vehicle or leave this other policy in force.My advice to you?Go on and cancel that other company just ASAP, ask for backdate cancellation. Pay Geico for the first month (provided you're not completely broke by now), then send that money from the refund in to Geico to pay for the rest of your policy period. When it comes to the amount of time you have to retract yourself, the ONLY way you can do that is if you didn't have the vehicle yet.. and that's only because no service was actually used during the time that you had that policy. You didn't drive a car, and you didn't drive the car that they had insured. If you already had the vehicle, then they have every right to keep a portion of that premium you paid since they technically were covering you for risks while you had the vehicle.Does that make sense? Source(s): I'm an insurance agent.
1.31.2010
Unless you have paid for your car (no loan) you are required to have insurance. Most loans will have insurance for the CAR only, not you, your passengers or property. Once you have obtained other insurance you can cancel the insurance provided by the loan provider. Keep an eye on the payment, as the inurance payment has most likely been rolled into your monthly payment. It should go down once you cancel your insurance through them.
1.31.2010
You can cancel your auto policy at any time and recieve a pro-rata refund. Since you havn't taken delivery of your new car yet you can cancel the insurance and recieve a full refund. Before you cancel, make sure you go through all the steps with geico over the phone such as letting them run a credit check because their initial quotes are always assuming a clean driving history and excellent credit. If they get you a better premium set them up with your salesperson and he can take car of the rest. Geico is real fast and will have insurance cards at the dealership in 15 mins so you can start driving right away! Source(s): auto sales management