What is the Process of Dropping a Car From Your Insurance Policy After Selling It?

Selling a car can be an exhilarating experience, particularly if you’re upgrading or simplifying your lifestyle. However, there’s a crucial step you mustn’t overlook after the sale: removing the vehicle from your insurance policy. At San Marcos Insurance Group, we provide auto insurance to residents in and around the greater Chandler, AZ area and often field questions about this process. Fortunately, it’s straightforward if you know the necessary steps.

Inform Your Insurance Provider

First, notify your insurance company that you’ve sold the vehicle. Be prepared to provide details such as the car’s make, model, and VIN, as well as the date of the sale. This information ensures no confusion about which vehicle you’re removing from the policy.

Ensure the Sale is Finalized

Before removing the car from your policy, confirm that the sale is officially complete. This involves transferring the title to the buyer and removing your registration. It’s important not to cancel coverage prematurely, as you could still be held liable for damages if the car is technically still in your name.

Review Your Policy

After removing the car, review your policy with your insurance provider. If the sold car was your only vehicle, you might want to cancel the entire policy. If you still have other insured vehicles, this is an excellent time to make updates or explore potential savings.

Selling a car is a significant transition, and we’re here to ensure your insurance keeps pace. If you need assistance removing a vehicle from your policy or have questions about your coverage, contact San Marcos Insurance Group in Chandler, AZ today.

How Often Should I Undergo a Home Insurance Review?

Many homeowners in Chandler, AZ might believe that once they purchase home insurance, they don’t need to revisit it unless they move. However, this is not the case. Changes in your home and personal circumstances often necessitate a review of your coverage. San Marcos Insurance Group can guide you on when to review your insurance and make any necessary adjustments.

Conduct an Annual Review

Insurance experts generally recommend reviewing your home insurance coverage at least once a year. A convenient time to do this is in the weeks or months leading up to your policy renewal. Your insurance provider will send a policy renewal statement highlighting any increases in premiums. This statement provides an excellent opportunity to review your coverage and decide if you should switch providers. Simultaneously, assess if any changes have occurred over the past year that could leave you underinsured.

Factors to Consider

When reviewing your home coverage needs, consider the following questions:

  • Have you undertaken any significant renovations or additions?
  • Have you purchased expensive items, such as jewelry, that require coverage?
  • Have you started a home-based business with inventory?
  • Have there been changes in your family situation, such as marriage, divorce, or the addition of a child?

Can You Cancel Your Policy Before It’s Up for Renewal?

Yes, you can cancel your policy and switch providers if you find a better rate. However, check if your policy includes an early termination penalty. Even if it does, you might find that another provider offers a better deal that offsets any penalties.

Let the experts at San Marcos Insurance Group, serving customers in Chandler, AZ and surrounding communities, guide you on reviewing your homeowner’s insurance and ensuring adequate protection for your home.