Not renewing and changing the car insurer

[sistemc]

My car insurance will expire beginning of January, and my current car insurer already sent me the new pink slips and and the renewal invoice.

But I made decision to change the insurer. Is it OK just to ignore slips and renewal invoice from the current insurer, or should I explicitly inform them about my decision not to renew insurance with them?

 

[APPNOV2014NY]

What if current insurer has your credit card on file and continue charges you for insurance. You can certainly ask them for refund but why take chances. Just call customer care and let them know that you are moving to different insurer. Who knows they might give you a better offer to retain you.

 

[NetMecca]

It is no problem to change insurance. Best to do it in writing also if the option exists. You can ignore the pink slips, and if you are cancelling be best to destroy them. do not be tempted to use them after buying coverage from your new insurer. Keep in mind that all provinces in Canada require that you at least have some liability insurance on your vehicle.

 

[vensak]

To be noted.
You can even change your insurance company before the 1 year of the contract expiration. At a cost of app. 1 month payment (check your insurance policy). This is sometimes useful. As you may discover that you can get the same service much cheaper so sometimes it is worth to cancel your current contract earlier.

 

[NetMecca]

To be noted.
You can even change your insurance company before the 1 year of the contract expiration. At a cost of app. 1 month payment (check your insurance policy). This is sometimes useful. As you may discover that you can get the same service much cheaper so sometimes it is worth to cancel your current contract earlier.

What you are referring to is the short rate premium. If you are changing before the annual renewal you will be liable for the short rate amount. Best to check with you insurer what that amount is before making that decision. Depending on how far you are into your 1 year the amount could be more or less.

 

[vensak]

What you are referring to is the short rate premium. If you are changing before the annual renewal you will be liable for the short rate amount. Best to check with you insurer what that amount is before making that decision. Depending on how far you are into your 1 year the amount could be more or less.

Yes. However sometimes it is worth it even if you loose some money to swap sooner, Especially if the other insurer has much better rates. In my case I have lost around 300 CAD but I went from close to 300 per month to 160 per month. That was after 3 months of insurance. The first insurance company refused to adjust my rates because I got G faster (foreign driving experience) in a complete legal way. So they have lost me on the cost to not to take them ever again.

But back to the topic, payment is not needed, but you need to be aware how you are required to end your contract. (as it might be stated, that if no action is taken, it is considered continuing the contract).
So some paperwork is always needed.