How to cancel your insurance policy...
Posted by Taylor Patrick on Thu, Oct 20, 2011 @ 02:15 PM
If you need to cancel your auto insurance, You definately do not want to let is cancel to non-payment of premium, here is why...
- When you are late enough on a given payment, companies will charge you an additional $20-$25 in penalties.
- If your last policy cancelled for non payment, most companies will not write you unless you pay for the entire premium up front.
- If you have any balance left over from your previous policy, your new insurance company won’t start you a policy until you have paid off what is owed to your old company.
- If you are being quoted for new insurance and you have a poor payment history, companies will take this into account, which can cost you.
So what should you do instead? If we are talking about an auto policy, just cancel your plates. Here is how…
- You can cancel them online at http://www.massdot.state.ma.us/rmv/.
- You can mail the plates into your insurance agent or dropped them off at their office and they will cancel them for you. Do not mail them directly to the registry!
- If you bring in the plates to the registry yourself or you cancel them online, do not forget to tell your agent! They won’t cancel the policy if no one tells them the plates are cancelled.
What if you lose your plates?
No problem. Just call your agent, they will have you fill out a form, which will be sent to the registry of motor vehicles instead.
If you need to cancel your homeowners insurance, you do not need proof of any other insurance or proof that the home was sold. You just need to fill out a form called an LPR. Call your agent and they will send you one.
Any other questions?
