What to Know About Canceling Your Auto Insurance Policy

What to expect when you cancel your auto insurance policy.

If you need to cancel your auto insurance in Lubbock, Texas, then you may not know what to expect.  Fortunately, most car insurance providers allow their policyholders to cancel their policies whenever they please.  However, some insurance companies may have different cancelation policies and fees. Here’s what you need to know about canceling your car coverage.

Cancelation Policies

Every insurer will have different cancelation rules.  For instance, some may require you to pay a cancelation penalty.  Others may impose a 30-day waiting period before they will cancel, with payment due up until that date.  Finally, some insurers will prevent you from canceling altogether if you have only secured the policy in the last 30-60 days.

Cancelation Fees

Typically, cancelation fees are only charged when you attempt to cancel a policy right after securing it.  However, some insurance providers issue fees regardless of how long you have held the policy for.  Some insurers will set a flat-rate cancelation fee while others will charge you a percentage of your remaining premium as your fee.  Because every insurance company has their own guidelines, it’s important to speak to your insurance provider so you know what to expect.

This is what you need to know about canceling your auto insurance in Lubbock, Texas.  Do you have additional questions about your car coverage?  If so, then contact the experts at Promised Land Insurance Group today.