High-Performance Car Insurance Cancellation

May 2, 2017 · Posted in General Articles on Car Insurance 

Regardless of whether or not your car is high performance, you have a desire to cancel your insurance. The question of doing it right is a question that many who cancel their insurance must ask. If you don’t do it right, or if you just jump into it haphazardly, then you could hurt yourself financially in the long run.

Whether you are moving to a different state, junking your current ride altogether, or just not satisfied with your current provider, there are a few things you need to know so that it won’t come back and haunt you like a bad penny.

First of all, it is best to issue a formal notice. Your policy may say that you don’t have to, but giving written notice of your intent to cancel is always recommended and advantageous. You need to tell them that you are canceling and what date you would like to cancel. Most policies permit a person to cancel whenever they want so long as they’ve given notice. One thing to remember though is that your policy might still be in effect at the end of the term.

There are a lot of people that wrongly believe their policy will end after the term, though if you don’t inform the insurer of your intent to cancel they may just keep billing you. Or they might do as they promised and cancel your policy when you fail to pay, though it will be a negative mark against you if you fail to inform them.

It’s never safe to assume automatic cancellations. While insurance companies, even those specifically catering to your high-performance car insurance needs – may be quick to inform you your policy will automatically be cancelled if you don’t send payment for a new term, they never mention the repercussions of this course of action. Better safe than sorry. Send in that notice of cancellation.

A cancellation may also raise the red flag when your application is received by other companies. They might label you a high-risk credit to justify charging you higher premiums. So take cancellation notices seriously and do it within the specified timeframe to avoid these glitches in the future.

Changing Insurance Carriers

If you wish to retain the same vehicle, but want to go to a different high-performance car insurance provider, then make sure that you have insurance the day your other insurance is canceled. You don’t want to end up in a car accident without insurance. This is never a good situation.

You might just have to get rid of that high-performance car insurance. You’ll have to have more than one reason, and you’ll have to do it right if you want to avoid ruining your credit. Always inform the provider and save yourself the trouble later on.

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