Prestizia Insurance Blog
There are a lot of factors that may get you to ask yourself “Should I just cancel my car insurance?”. Our situations and circumstances change constantly and it might not always be in our best interest to have a car insurance or lots of coverage anymore. In this article, we discuss four common situations that may be a deciding factor as to whether or not you should cancel or adjust your car insurance
Your child is heading off to college
It’s best to adjust your family policy since your child will probably only drive the family vehicle once in awhile if their school is far away from where you keep it. You may even be able to get a discount on your policy if this is the case. However, if your child has a car with a title in their own name, it’s best that he keeps his insurance policy with a liability coverage. A comprehensive coverage might be also required by the lender if he’s still paying off the vehicle.
Storing classic cars
Cancelling the policy may run through your mind if you plan to just store your classic car but keep in mind that it could still be exposed to dangers such as falling debris, unexpected calamities or theft. It’s still best to keep a comprehensive coverage to protect you from these unpredictable situations. An “exhibition auto” policy is also available if you choose to only take your car to classic car shows or parades.
You finished paying off your car
You might start to consider downgrading your car insurance since the title is now yours to get a bit of some load off. A liability coverage might seem like it's enough, but it will only cover damages you cause to someone else and not your own. It would be beneficial for you to keep collision and comprehensive coverage along with the liability coverage so you would also be protected from accidents or theft.
When you decide to sell your car
Of course, if you decide to sell your car, there wouldn’t be a need for a car insurance policy. Make sure to ask your insurer if stopping payments can easily result in the cancellation of your policy. It’s also advisable to consult whether you’d get a refund if you cancel the policy before it expires.
Before cancelling or adjusting your car insurance policy, it’s best to consult an agent to know which would be the best available option for your situation. At Prestizia Insurance Group, we work hard in making sure that our clients are well-protected with policies that they can afford. To learn more about how we can help you, please contact our agency at (855) 436-6353 or Click Here to request a free quote.