Should i pay the rest of my insurance?

Question

I have two months of remaining payments on my plan but my car that is insured is not mobile. If the other party was found entirely liable for the reason my car is immobile do I really need to finish my current insurance plan? Or should i cancel it to keep what little money i have?

Answer 1

Do you plan to replace the vehicle soon?

Do you still have the license plate? (in NC you have to surrender the plate before cancelling - or pay fines)

If you have "garbage insurance" such as Integon (just an example! Don't attack!) that doesn't offer Discounts and Credits - go ahead & cancel unless you're replacing the vehicle soon.

If you have a good mutual company such as State Farm or Allstate - you could be losing your discounts and credits by cancelling....

But if you're replacing the vehicle soon - either way - keep the policy - usually you get short-rated when you cancel and you'll lose $...and starting a policy usually requires Xtra $ down to restart that might cost MORE when you get your replacement vehicle

Answer 2

Was the car totaled? If so then yes cancel your insurance.

I would contact your insurance agent, let them know what happened and let them tell you whether you still need to carry insurance or not. If the car has a loan on it then it needs to be insured, even if you are not currently driving it.

Answer 3

You state's specific laws will prevail.

Contact the agent or the company. You will get an answer that you may not like, but it will probably be favorable.  It is a chance you will take.

Since the car cannot be driven, your state will probably allow you to have insurance that only covers you driving a vehicle that is not garaged at your domicile.

In other words, your premium may drop to about thirty dollars a month.  You will only be covered when in someone else's car.

Very inexpensive.  And very nice for you, if the state allows.

P.S.  It is almost certainly going to be permitted.

(Smiles.)

Answer 4

In NY it is illegal to have plates on the car & no insurance. You'd have to turn the plates in and then the insurance would be cancelled. Check with your agent/ins. company for your states rules. Since most states have mandatory insurance, i'll bet it is the same as NY.