Auto InsuranceIf you're selling your car, managing car insurance issues along the way can be a little confusing. Let's break it down into steps:
  1. Call your auto insurance provider. If there's anything you need to know before making the sale, they'll let you know. In particular, ask about a cancellation fee. Not all insurers charge a cancellation fee, and when they do it's usually not unreasonable. Even so, it’s better to work this into your plan early on.
  2. Keep your car insurance for now. You're going to want to cancel your policy after selling the car, not before. Remember: You're the one with the car, not the buyer. You don't want to wind up in a scenario where you can't drive your car to the buyer because you already canceled your insurance. If a car is in your possession, and it's not scrap, you want to keep it protected.
  3. As soon as you've sold your car, make the call to your provider to let them know it is no longer in your possession. Let them know you either want to cancel the policy or transfer it to a new vehicle.
  4. If you're switching your policy over to a new car, keep your information handy when calling your insurer. They'll certainly want the VIN number, make and model. There may be some other information that they need, as well.
Of course, there are all the other details you'll want to keep in mind that go along with selling your car:
  • Make sure the new driver has the user's manual, keys and anything else that comes with the car or is required for legal ownership.
  • Remove your plates from the automobile.
  • Write out a receipt and make one copy for you and one for the new driver.
  • Get the new driver's information, their name, phone number and address. Keep all of this information in your files just in case anything else needs to be sorted out.
Fortunately, most of the complicated work in canceling or transferring an insurance policy will be done on your insurer's end. For your part, it's really a simple matter of making a few phone calls.
Posted 3:07 PM

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