Auto Insurance Can You Cancel Auto Insurance At Any Time?

[kayode10]

You are going to cough out a huge amount of money if you are planning to buy latest car. There are some cars that cost millions of Naira.

The amount will still increase if it happens that you want to clear the car on the seaport here is my country.

The total amount of money you are going to spend to clear the car might be in the same range as the price of the car.

This is the reason why it is good to do auto insurance for your vehicles, especially when have fleet of cars.

Some reason may occur which will prevents you from continuing to pay the premium of the auto insurance for your cars. So I want to ask that can someone cancel auto insurance at anytime?

 

[Peyman12]

Great, thanks for your good and excellent post dear friend

 

[btaliat]

It is possible to cancel any type of insurance policy that one may involve in. That's why we need to think deeply before we invest in any insurance policy. I have seen someone that thinks paying premium won't be too okay for his car because it's becoming old and he cancelled it.

 

[kayode10]

@btaliat I wish the person continues with the plan. The insurance company might get him another car when the one he has is not working anymore. Since the person decided to cancel his auto insurance, my question is that will the insurance company pay back all the premium the person has been paid in the past?.

 

[btaliat]

@btaliat I wish the person continues with the plan. The insurance company might get him another car when the one he has is not working anymore. Since the person decided to cancel his auto insurance, my question is that will the insurance company pay back all the premium the person has been paid in the past?.

The insurance company won't pay you for the cancelation of your running insurance because it will be regarded as breach in agreement from you. Concerning the man that cancel his auto due to old sge of the car, the insurance company may not get another car for him, I don't think auto insurance covers replacement of cars.

 

[Wisdom01]

I think it all depends on the agreement you and the insurance company have made , if you want to cancel the contract there might be a certain amount of fee you might likely pay for doing that , so it depends on the agreement and so many factors too ,

 

[kayode10]

@Wisdom01 at least the insurance company should be able to return about 80% of the premium paid by the client, since it is the client that cancel the contract by himself not the insurance company. I think it is very important to always read the agreement document before signing so as you know what it entails.

 

[sincerem]

Hmm, it doesn't make sense canceling insurance policy after entering into it. That is simply act of wasting money that could've been used for doing other lucrative stuffs online or offline and earn better ROI. That's why we think before going into any legit investment scheme to.avoid wasting money at some stage.

 

[Jamoflondon]

In my knowledge, I think any contract can be bridged at any point in time if the both parties comes to an agreement, so the same goes for auto insurance. Any insurance is on contract basis. If so, then the insured should be able to cancel it. As long as the insurer and the insured conclude to it

 

[Mandy96]

I don’t think that is possible and even if there is a chance of it, I am very sure that the insured will be the one to suffer the loss part of the whole contract because an insurance company is a business organization so you can’t play smart on them

 

[Mika]

Generally speaking, you insure your auto for the term of one year. After the term ends, you can renew your insurance by paying the premium or avoid renewing the policy and letting it expire. I do not think there is a provision of policy cancellation before the end of the term.

 

[dagm]

it does not make good sense terminating insurance coverage after participating in it. That's just action of squandering cash that could've been actually utilized for performing various other profitable stuffs on the internet or even offline as well as make much a lot better ROI. That is why our team believe prior to entering into any type of legitimate financial assets plan to .prevent squandering cash at some phase.

 

[kayode10]

@dagm situation may occur in which the client he discovered that he may not be able to continue paying the premium. Perhaps he knows in the agreement that if he is unable to continue playing all the remaining premium will be declared nulled. It might be better for such clients to cancel the contract.

 

[Alexandoy]

I don't know how to cancel an auto insurance policy because it is always paid in full for the 1 year of coverage. Unlike the life insurance which is a long term policy the auto insurance is like a one-shot deal that we pay in advance for the term of coverage which is normally 1 year. I don't know if there is a policy that is more than 1 year for the car insurance.