Is acquiring automobile insurance plan a legal binding contract?
Question by Keison: Is getting vehicle insurance coverage a legal binding agreement?
I bought auto insurance policy for a six month expression and missing my task and I couldnt pay for i any longer. Can they attach it to my credit report and deliver it to a collections agency?
Finest response:
Reply by Anna P
No, but they can report that they are no lengthier covering you. You are permitted to cancel insurance plan at any time for car coverage as lengthy as you don’t drive the car.
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Most policies have cancellation clauses allowing you to drop the coverage. Of course, in states where the insurance is mandatory, this also means turning in your tags or face fines.
Usually you can cancel your insurance and get a refund for the remaining months.
Contact the insurance company.
If you owe them money for insurance given that you didn’t pay for, yes. Otherwise, cancel the policy and the company should refund you the difference of what you haven’t used.
No, you can cancel an insurance policy at any time and get a pro rata refund. If you are paying in monthly installments, they end when you cancel the policy.
Yes. The insurance premium was earned at the time they bound the policy. If they allowed you to pay off the insurance over time they were extending you credit.
Yes they can!
When will people learn, just because you can’t afford it, it suddenly is not your legal obligation after you signed papers???
You have two choices, cancel your insurance and take your car off the road, until you can afford it or work anywhere in order to pay your bills.
Some states you need to prove to the insurance that you have taken your car off the road before you can cancel.
yes, they can cancel and send the balance to a collection agency. Driving without insurance is beyond stupid and is illegal in most states.
Just cancel the insurance policy. They will refund you the unused months.