My term ends coverage today and I don’t wish to renew the policy, I will be buying for new insurance today to be covered. However I want to make sure the policy does not renew tomorrow.
My agents are giving me a hard hard time preventing me from renewing my policy. I am going to go their office today to make sure it is fully cancelled and it does not renew but they have been giving me the run around and using scare tactics to not cancel with them.
I am in Virginia as well or that helps.
Thanks all.
Do I need to provide my old agent a declaration of new insurance if I want to cancel ?
byu/Teadoki inInsurance
Posted by Teadoki
6 Comments
You need to have your new policy bound before you go an cancel your old policy. You can backdate the cancellation as long as you had new coverage in place during that period
Do it in this order just to make sure you don’t have any unintended gaps in coverage
If it ends today then it has already renewed FYI. Policies start and end at midnight so you’re half a day into the new policy period. They should be able to cancel effective today but they’re probably just looking out for your best interest so you don’t have a lapse.
Fill out an acord 35 form (google it) and take it in with you.
A signature requesting to cancel should suffice, but giving them a copy of your dec page won’t hurt.
Nah but if they’re an independent agency and your only issue was cost they may just be trying to help/beat you new policy which isn’t a bad thing.
You really don’t lose anything and at worst they waste their own time
The reason the agent wants to obtain the new declaration is because they’ve dealt with this situation a hundred times before. Somebody wants to cancel a policy and start a new one with another company or agent, and then when there’s a gap or an automatically generated notification to the DMV, the customer freaks out. It’s just not worth the headache if you are even slightly wrong about the effective date and the cancellation date.
This process protects both you and the agent, and is easy to follow. You could always choose to be a hard-ass about it and just send them written notice of cancellation and insist that you won’t provide a copy of the new declarations page. Your old policy will be canceled if it was already renewed, or not renewed if it hasn’t renewed yet, but don’t come crying to your agent later when your new carrier raises your premium because of a one-day Gap and you’re fined by the DMV for not having continuous coverage.