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Some of the legal troubles that comes with canceling your auto insurance policy could be incurred by the insurer if you cancel coverage during a certain time period. Generally speaking, this period is about five business days but it is always worth checking your policy for specific information on cancellation time frames. For example, Blue Cross and Blue Shield of the U.S. has a five-day cancellation period for its BC/BS Preferred discount program; if you cancel your coverage within that time, you will have to repay premiums you received during that time period.
Most policies have cancellation penalties built into them; so if you want to cancel, consult your policy or contact your agent and ask about any applicable penalties before signing off on the cancellation.
A major reason for auto insurance is to protect against injury and damage claims in the event of an accident. Drivers who don't carry car insurance put themselves at risk for injuries as well as financial loss when involved in an accident. Even if the driver is covered by an accident liability car insurance policy, they still could face financial loss.
The primary reason people don't carry car insurance is because they assume it won't be needed. Think about it: no one expects to get in an accident and have to pay for damages from that accident, so why then would they expect their auto insurance policy to cover any losses? In fact, a lot of drivers will pay about $600 for collision coverage and never think twice about it. However, if the driver with whom you are involved in an auto accident does not have collision coverage or sufficient liability for the damage caused by that collision, you must meet your financial responsibilities as well as those of the other driver .
Most policies have cancellation penalties built into them; so if you want to cancel, consult your policy or contact your agent and ask about any applicable penalties before signing off on the cancellation.
A major reason for auto insurance is to protect against injury and damage claims in the event of an accident. Drivers who don't carry car insurance put themselves at risk for injuries as well as financial loss when involved in an accident. Even if the driver is covered by an accident liability car insurance policy, they still could face financial loss.
The primary reason people don't carry car insurance is because they assume it won't be needed. Think about it: no one expects to get in an accident and have to pay for damages from that accident, so why then would they expect their auto insurance policy to cover any losses? In fact, a lot of drivers will pay about $600 for collision coverage and never think twice about it. However, if the driver with whom you are involved in an auto accident does not have collision coverage or sufficient liability for the damage caused by that collision, you must meet your financial responsibilities as well as those of the other driver .
