Insurance & a totaled car?

My car was totaled about 2 weeks ago (my fault). I know that my finance company says that I'm required to have full coverage on the car at all times until it's paid off. Seeing as how my car is totaled and I don't even have possession of it anymore (my insurance company has it), can I cancel my insurance policy? I just don't see the need of paying insurance on a car I don't have and can no longer drive. I'm asking here on Yahoo Answers because my claims adjuster takes forever and a day to return my phone calls and my insurance premium is due in a few days.
Additional Details
Queenie, did not you read the part where I said that my claims adjuster is taking forever ti return my call? Geez man....

Michelle P

Depending on your state-you could turn in the registration (The license plates) to your motor vehicle bureau and your insurance should be cancelled effective the date that the registration ends. If your vehicle is a total loss and your insurance company is retaining the salvage, you should be able to do that immediately. What will happen next is that, again, depending on your state, your insurance company will seek either a power of attorney or the signed title to your vehicle. They will contact your lien holder for the payoff amount and contact you for the settlement amount. It can be a very confusing process but you do not need to wait for the vehicle to be paid in full before you cancel the policy as the vehicle is not being driven and is now in the care/custody/control of your insurance company. Wishing you the very best of luck!!! I hope you weren't injured!!!!

P.S. You should call your adjusters supervisor to get the ball rolling so you can move on and find another vehicle!!!!

wizjp

Of course you can. Check with the DMV though; in some states, they want your plates once the insurance is cancelled and you may pay more for new ones or have some issues there.

Jifr

Hiya:

Sorry you have an adjuster who doesn't return your calls. :-(

If things worked like they are supposed to work - your insurance agent would know your car was totaled and should remove the vehicle from the policy.

If you are in rental a vehicle - you should keep your coverage.

It is easier to get coverage if you HAVE coverage. Insurance carriers do not like to pick up people who are not insured. They are considered higher risk.

Anyway, hope you weren't hurt & goodluck.

~jifr!

John Paul

call your agent and cancel.

nicki

I had the same thing happen (although the accident was not my fault). I cancelled my insurance right away until I purchased a new vehicle.

sensible_man

I think I would be in contact with the main office since the adjuster doesn't seem to have time to talk to you. I would not cancel the policy right now. I would, however, ask someone at the company what exactly I am paying for since they have the car.

Nate W

If you will need insurance on a new car in the next few weeks or months it is better to go ahead and keep the policy. Otherwise you will get penalized for having a lapse in coverage. If it will take more than a month for you to find a new car, you could "suspend" the coverage on the car, meaning it won't be driven, so the liability and collision coverage will be temporarily suspended. This will allow you to only pay for the comprehensive coverage on the policy and will save you money while you shop for your new car.

namrepus

Contact your car insurance compnany so that necessary actions will be taken, Try to visit this cheap car insurance site for your guidance http://www.nightbirdssolutions.com and source of useful information about car insurance.

Queenie knows it all.

I think that you should be communicating with your insurance company about this, and not the people on Yahoo Answers.

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