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: Thu Dec 25, 2008 04:02 pm Post Subject:
Yes, you can sell the vehicle and have the insurance canceled effective the day ownership was transfered.
Posted: 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.
Posted: Fri Dec 26, 2008 02:04 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
Posted: Fri Dec 26, 2008 09:09 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.
Posted: 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?
Posted: Fri Dec 26, 2008 02:50 pm Post Subject: Insurance
Jeremy...
Once we transfer the title, he/she is responsible for the insurance on that vehicle.....am I right?
Posted: Sat Dec 27, 2008 01:53 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
Posted: Sat Dec 27, 2008 04:12 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.
Posted: 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.
Posted: Sun Dec 28, 2008 02:59 pm Post Subject: insurance
Ok........NOW I understand. Thanks for the 'clarity'. :cry:
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