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  1. #1
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    cancelling car insurance

    I'm with State Farm (with my wife), we both have separate renewal dates.
    They do this 6 monthly policy crap,
    Now my policy is due for renewal in March and wifes in July,
    we are both getting seriously butt screwed by these guys (Ontario ! dont ask anymore right Click here to enlarge)
    So I'm trying to work out how much it will cost if anything for my wife to leave early.
    The ideal, is we both jump ship at the same time, as we get a multicar discount, if we do it indiviually we'll both loose it
    for about 4 months which is around 20% of our premium.
    So I believe that State Farm PRO-RATE, now we pay monthly, so if my wife has 4 months to go, at $200/month
    would she get hit for $800 bucks or as she has 4 month unused insurance (and not paid for) she doesnt have anything to pay
    help !

  2. #2
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    I'd call State Farm and ask them. There might be a penalty for cancelling early but it could be less than what she would have to pay if she stayed with them until she has to renew. And yes Ontario sucks.

  3. #3
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    thankxs wildride

  4. #4
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    So this is a question on your finance final right?

  5. #5
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    Whenever I see a post that makes me do math I just mark it as read and move on.
    Stage 2 or 2.5 E9X M3 S65 V8 supercharger kit for sale: http://www.boostaddict.com/showthrea...r-kit-for-sale

  6. #6
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    I'm not exactly sure what that means Click here to enlarge but it could be, if your asking , if I'm asking about how much if at all I'm gonna get stung by terminating a auto insurance early before term.

    Click here to enlarge Originally Posted by yage202 Click here to enlarge
    So this is a question on your finance final right?

  7. #7
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    so apparently no cancellation fees, and as we pay one month in advance, when we cancel they work out the insurance paid for that month and refund. For example, if I cancel on the 5th of a month and I pay on the 1st of the month, I only get charged 5 days insurance and get a refund for the rest by cheque.

    TIA

    Adrian

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    sorry one other question ! Click here to enlarge

    Throught the switching insurance companies process,

    No payment has gone through yet, (think it takes like 10 days or so)
    but they have our bank details (actually its through our bank hahahaha)

    So I received an email from them and downloaded 1 from for me and wife, (not the pink forms) and it says "Automobile Insurance Confirmation"
    With policy number, start and end date and coverage along with car details and vin, it also says "Your temporary Automobile liability insurance card" valid until March 15th, the policy started on the 1st March and my existing insurance is end on the 24th (my existing broker knows already)

    Should I wait to get the printed documents through and/or wait for the payment, before I cancel my existing insurance.

    Also is there a problem with have 2 insurances for one car?

    Many thanks

  9. #9
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    Click here to enlarge Originally Posted by jaye944 Click here to enlarge
    "Your temporary Automobile liability insurance card" valid until March 15th,
    Yes you need to print this and keep it with you until you receive your pink cards.
    Click here to enlarge Originally Posted by jaye944 Click here to enlarge
    Should I wait to get the printed documents through and/or wait for the payment, before I cancel my existing insurance.
    No. As soon an you call and are approved, you are insured regardless of in any funds have gone through. Even if you don't have the pink cards yet, you are insured.
    Click here to enlarge Originally Posted by jaye944 Click here to enlarge
    Also is there a problem with have 2 insurances for one car?
    I don't think it is a problem but even if you have an accident, both insurance companies will not cover you, only one. I'd cancel your old insurance as soon as possible and get the maximum refund.

    Glad to hear there are no cancellation fees.

    Happy savings!

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    1 out of 1 members liked this post. Reputation: Yes | No
    Thanks Alex !
    much appreciated the break down,
    damn I wish i could give people reps Click here to enlarge Click here to enlarge

    consider your repped in my heart LOLZ

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