Cancel Car Insurance When You Sell Your Car! Duh!
This may sound dumb, but it is important to remember to cancel car insurance when you sell the car.
Cancel it the day after you sell the car, not the day before. Duh!
And yes, we do know of people who have carried on paying out insurance premiums on cars for years after they sold them believe it or not!
How does this happen? Generally car insurance (and most other insurance) is paid by debit order or stop order. The car gets sold. The seller does not check his bank statements and carries on as if nothing has changed.
“Yikes! What is that monthly amount coming off my bank account?”
Phone bank. Bank guides you to insurance company.
“Seems like it is an insurance premium on your car, registration number HY65ty8
“But I sold that three years ago”.
“It seems”, Sir / Madam, “that you did not advise us.”
Money down the drain.
Cancel Car Insurance! Do We Really Have to Spell Out the Moral of the story? I Guess We Do
Review all your insurances annually, update those that need updating and cancel the car insurances and others that you no longer need.
Remember: Your car insurance company is not going to remind you to to cancel your car insurance.
Firstly: they don’t know you have sold the car.
Secondly: even if they did know you had sold the car why would they remind you to cancel your car insurance? It’s in their interests to keep on taking premiums on a policy they will never have to pay out for because you won’t be able to prove ownership of the car.
Important: When you get correspondence from your car insurance company be sure to read it through, don’t just throw it in a drawer and go out for a beer.
See which cars in your family or business are insured so you don’t chuck away hard earned money on premiums that cover vehicles you don’t have.
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