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That depends on the insurance company, the brokerage (if applicable), and the state you are in. I'm an insurance broker in California, and I sell policies for 30 companies or so. Many of them charge early termination fees, and some do not. Regardless, my brokerage still charges a fee for cancellation within the first year, since we are the ones who have to foot the bill on the chargeback. This also helps prevent insurance fraud; some people like to buy a policy, get an insurance ID card that shows they will have one full year of coverage, and then cancel shortly thereafter. That way they can show a false proof of insurance to the police, DMV, etc. If that happens often in one brokerage, it can start to look like the broker is in on the scheme.
If you are not certain whether there is an early termination fee, read your contract AND broker agreement - some brokers are not as straight forward and honest about fees as I am...
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Who sells short term auto insurance?
Most auto insurance is sold in 6 month contracts, however this is nothing stopping you from canceling the policy when the coverage is no longer needed. Be sure to ask about any penalties for canceling early, you should be able to find a company that either has no cancel fee or a small one, $50.
If the insured cancels their own auto insurance policy how is the return premium calculated and is there a penalty?
If you cancel your policy is will probably be short-rated which means you will be penalized for canceling. There are published factors but I can't give you the short rate factor without knowing the dates of the policy.
What is an auto policy?
An auto policy is basically a car insurance policy. It spells out what kinds of damage and occurrences are covered.
Can you get insurance on auto that is not in your name?
You can pay for insurance on an auto that is not yours...but the policy must be the titleholder's policy.
Components to liability coverage under an auto policy?
Liability Coverage under an auto policy has what components: Medical payments Collision Comprehensive None of these Liability Coverage under an auto policy has what components: Medical payments Collision Comprehensive None of these Liability Coverage under an auto policy has what components: Liability Coverage under an auto policy has what components:
What does a operator status deferred in auto policy means?
Driver who is not included as an operator in vehicle policy but has a auto policy of his own is termed as "Deferred operator".
Is theft from auto in garage an auto or homeowners claim?
The theft of the auto itself would be covered by your auto policy. Damage to your structure caused by burglars would be covered by your homeowner's policy.
How to train businesses on auto policy insurance?
The best way to train businesses on auto policy insurance is to review the entire policy in detail, especially going through any exceptions to the policy.
What type of auto insurance covers the driver no matter what vehicle they are driving?
There is no Such Auto Insurance Policy. You would need a Primary Auto Insurance Policy on your own Vehicle and then an attached Umbrella Policy on top of it in order to get close to this.
What if your drivers license number brings up an auto policy you do not own?
A drivers license shouldn't pull up an auto policy.
If you total your car after your insurance is canceled will GAP insurance still protect you?
NO,, GAP Insurance is supposed to pay the difference between what your Auto Policy paid and any remaining portion of your loss after the Auto Insurance Policy has paid it's maximum. If No Auto Insurance Policy is in Place providing comprehensive and collision coverage then your GAP Policy is Null and Void. GAP coverage only pays in conjunction with your Auto Insurance Policy. No Auto Insurance! No Gap Payment
Does a auto insurance policy get canceled when the policy holder dies?
Generally, an auto insurance policy does not automatically cancel upon the policyholders death.The policy will typically continue to provide coverage to the executors of the policyholder's estate until the end of the policy term.
