ok so the deal is - we got our car insurance policy cancelled on us after we got 2 nsf's in one year, for reasons beyond our control. we got a new insurance policy with monthly payments almost 2 months ago. we paid first and last month's at once, and had one automatic withdrawl since then. are we allowed to cancel our policy? we're thinking about parking the car for 3 months to save ourselves the $ from the payments and gas because its so expensive. he stays home with our child and my work is very close, i can walk. after this 3-6 months, would we be able to sign up for insurance again on monthly payments? we were a special case scenario this time because our policy had gotten cancelled, so im just worried that they wont want to resign us aince we cancelled and no other company will want totake us because of our missed payments.
2007-10-04 10:57:52 · 3 answers · asked by raspberry 3 in Cars & Transportation ➔ Insurance & Registration
You really need to talk to your insurance agent. He/she is familiar with your companies underwriting guidelines.
2007-10-04 13:03:47 · answer #1 · answered by Boots 7 · 0⤊ 0⤋
You can cancel an insurance policy at any time though if you have a leinholder they require comp and collision coverage. If you cancel they will issue a vendor single intrest policy on the car and charge it back to YOU. Ask your leinholder if it would be OK to drop everything but comprehensive for a few months while the car is stored. That way you can keep your policy active.
2007-10-04 11:50:53 · answer #2 · answered by Anonymous · 0⤊ 0⤋
If your car is financed the finance co will pick up the car if you don't have insurance to cover their collateral. They might put single interest insurance on it and ad that to your payment which is about as high an insurance as you can get and it only protects them not you. When you signed the contract you signed that you would provide and maintain insurance on the car as long as it is financed.. Good luck
2007-10-04 11:07:33 · answer #3 · answered by Anonymous · 0⤊ 0⤋