by Guest » Tue Aug 31, 2010 09:04 am
Hi, this is Jim from CA, and I'm about to buy my friend's used car. I'd use for a single month beyond which I'll get it parked for winter at (my parents' home). I've been shopping since the last week but have only managed to come across insurers who provide coverage for 6 months. Do I find coverage for a shorter term (say..a month)? Would it be beneficial for me to go that way?
Posted: Mon Sep 06, 2010 05:57 am Post Subject:
I haven't come across any such one-month policy option. I've seen people canceling their regular policies after a month though. But for that, you'd need to bear a penalty. So, it's up to you to decide whether you'd like to go for this option.
Posted: Mon Sep 06, 2010 06:23 am Post Subject:
Cancelling auto insurance policy is not that easy. you need to send the request letter to insurance company first.The insurer arranges to refund any premium that is due to the policy holder. If any claim has been made on the policy, then no premiums shall be payable to the party.
There may be cases where no refunds are made to the policy holder in case of termination or cancellation. It could lead to a bad credit holder for the policy holder.
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Posted: Mon Sep 06, 2010 10:55 am Post Subject:
If any claim has been made on the policy, then no premiums shall be payable to the party.
There may be cases where no refunds are made to the policy holder in case of termination or cancellation. It could lead to a bad credit holder for the policy holder.
It's true that you cannot cancel a policy and collect on a claim, but if a claim was paid, and the premium paid was greater than the claim amount, a refund of excess premium might still occur. Cancellation charges could wipe out any surplus.
But as to the second statement, there is no policy slavery in America. A person is free to cancel their insurance at any time. A problem might only arise in a situation where there was unpaid premium due for a period of time where coverage was in effect. But this is rare. Don't pay your premium, coverage is cancelled by the insurer . . . back to the date of nonpayment.[/quote]
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