So you’re sorting through your mail like you do every other day and smack! Your auto insurance provider drops a bombshell that they won’t be providing you coverage anymore! Where do you go from here? What should you expect, now that you no longer have auto insurance coverage for your vehicle? What do you do next?
Hi! I’m Stella, Fincrew brand ambassador and today, I’ll be helping you deal with getting your auto insurance cancelled. When this happens there’s a lot you have to do as quickly as possible. I’ll be guiding you through the difficult road ahead. If you need help handling your auto insurance, then you can’t afford to miss a single video in our Insurance360 Video Series! We will break down every auto insurance aspect and let you know all you need to enjoy your policy! Click on that Subscribe button now and enable notifications so you see our videos promptly!
Now we’ve got this out of our system, let’s jump right into today’s gist. If you’re wondering could your auto insurance company cancel your policy? The answer is YES–they can! However, they can’t do so without a genuine reason and giving you a proper heads up. You can’t take your vehicle out without a valid insurance policy which means that once your coverage is revoked, you’ll soon be stuck without a ride! Even worse, the longer you go on without coverage for your vehicle, the more you can expect any insurer to charge you when you finally try to get any package. For this reason, haste is essential! Remember that getting your auto insurance cancelled is not the same as being issued a non-renewal notice. In the case of the latter, your coverage is kept active until the date it’s supposed to lapse. Afterward, you just won’t be given the opportunity of renewing the package with the same insurer. Usually, insurers will cancel a policy only if:
- You’ve not been paying your premiums or you’ve been paying late,
- Your driver’s license was revoked or suspended due to one reason or the other,
- They discover you weren’t entirely forthcoming with the information on your application
As such, the first thing you need to do is go through the notification you were sent to ascertain the reason for the termination of your policy. If it wasn’t stated, you should reach out to your insurer immediately to get those details. Once the issue has been identified, you can try talking things out with your provider. In some cases, this usually works out well and your insurer will rescind the cancellation notice. However, if your insurance provider just won’t budge, then you need to start shopping for another insurer pronto! Even though your coverage isn’t rendered invalid from the moment you receive the notice of cancellation, you don’t have much time to spare! This is more so if your insurance was cancelled due to any of the reasons mentioned earlier. You might find it challenging to get a new insurer as most coverage providers will see your cancellation notice as a red flag and consider you a high risk. When you eventually find a new insurer, your premiums will be significantly higher than it used to be. As such, it is always advisable to avoid getting your policy cancelled, if you can. But if the worst happens regardless, all is not lost.
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