When the sale of your vehicle is complete, you can contact your insurance company and cancel your policy. If you're buying a new vehicle, you can add it to your current policy instead of canceling it. An auto insurance policy originates in the state where you reside. Purchasing two car insurance policies for the same vehicle may result in the company canceling one of them.
However, you can have two policies to insure two separate vehicles parked in different states. Yes, you can cancel your car insurance after selling it once you've transferred the title to the new owner, completed the bill of sale, and filed a notice of exemption from liability to your state's department of motor vehicles, if your state requires it. Because car insurance requirements vary from state to state, you'll need to get a new insurance policy if you move out of your current state. When you move from another state, you'll need a new car insurance policy, even if you can stay with the same insurance company.
To avoid a break in coverage before buying another car, consider getting an auto insurance policy for people who are not homeowners. For example, if a prospective buyer takes the car to a test drive and damages it, your insurance can help pay for the damage. You may have to change car insurance companies when you move to another state if your current provider doesn't sell insurance in the state you're moving to. This will show that the car is no longer in your name and that you are not legally required to have insurance.
If you're moving and want a new policy with us, request an auto insurance quote online or call 1-866-749-7436 and share your new address. Your location, where you park your car every day, is a key factor in determining the price of your car insurance coverage. You could be held legally and financially responsible for any accident involving your car while you're selling it, which means that it's in your best interest to maintain your insurance. Your car insurance could increase or decrease depending on several factors, including the claim history of your new area.
If you're buying a new car, you can contact your insurance company to add your new car to your current car insurance policy. If you're moving to another state, check with your car insurance provider to make sure they offer coverage in your new state. Like an out-of-state move, an in-state move will affect your car insurance rate, although the change may be less than an out-of-state move. This information is not an insurance policy, does not refer to any specific insurance policy, and does not modify any provision, limitation, or exclusion that is expressly stated in any insurance policy.
Canceling your insurance will also cause an interruption in car insurance coverage, which may mean higher rates in the future.