Can You Cancel Car Insurance At Any Time?

  1. 385 POINTS
    Soarella - Mary Gruenberg
    President, Soarella, Inc.,
    Yes.  You can cancel your car insurance at any time.  The question that you may want to know before cancelling is whether your insurance company pro-rates or short-rates your cancellation.  A pro-rated cancellation is more favorable for you since you are charged only for the days that have been used.  In Illinois, the insurance companies by law have to pro-rate an auto cancellation.
    Answered on October 16, 2013
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  2. 70 POINTS
    robmartinek
    Owner, Martinek Insurance Services, Hendersonville, TN
    Yes, but there may be consequences.  Some carriers prorate, others short-rate (meaning there is a penalty) and I imagine there are some that don't refund at all.  In addition, if you have a lienholder, your finance contract might have an insurance provision that requires you to purchase coverage for the vehicle OR they can "force place" coverage.  This means that if you don't buy the coverage stated in the contract, they will purchase the coverage and charge you for it.
    Answered on December 6, 2013
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