How to stop insuring a car without selling it?
If you plan to go at least a year without driving, you must cancel your car insurance and save significant sums. But how do you stop insuring a car without selling it? This article provides you with solutions to limit the costs related to your car insurance.
Why stop car insurance?
There are several reasons why you might consider stopping your car insurance policy. For example, you can decide to take a sabbatical year to travel or even inherit another vehicle and temporarily replace it with the one you own. In any case, if you don't drive for 12 months, stopping auto insurance is a good idea to reduce insurance costs. With this strategy, you can achieve savings of up to 30%.
What are the solutions to stop auto insurance?
There are different methods to stop your car insurance without having to sell it:
- Cancel the insurance contract: This solution is often the fastest and can be implemented during the first year of the contract. It makes it possible to terminate the engagement and recover financial compensation.
- Suspend the insurance contract: This option is used when you take a break from driving and do not want to break the contract. The suspension of the contract is for a certain period and can be up to one year.
- Reduce the amount of insurance: You can ask your insurer to modify the conditions of your contract by keeping limited coverage to protect your car. It is possible to obtain preferential rates according to your profile and your needs.
- Trading one car for another: This solution is recommended if you want to change your car and adjust your insurance to meet new needs.
What are the advantages of these methods?
The main advantages of stopping car insurance without selling it are:
- A considerable saving of time because you do not have to look for a buyer and go through the sale box of your vehicle;
- A real saving thanks to the suspension or termination of the insurance contract;
- A limited commitment since you keep your auto insurance options at a reduced rate if you want to get back on the road after the suspension period.
How do I find the best offer for my budget?
It is important to compare the offers and rates offered by insurance companies in order to find the best solution for your situation. To be sure of making the wisest choice, certain criteria should be taken into consideration during your research:
- The type of protection you need (civil liability, extended third party, etc.);
- Your status (owner, tenant, non-occupant owner, etc.);
- The bonus-malus associated with your profile;
- The amount of the deductible to be paid in the event of a claim;
- Support for accessories and options for your vehicle;
- Exclusions and additional guarantees included in the contract;
- The price of insurance.
By comparing the car insurance offers available, you will get a clear overview of the rates offered by the different insurers and can easily determine the contract that best meets your expectations.
Stopping your car insurance, what are the conditions to respect?
Before suspending or terminating your auto insurance contract, you must ensure that you meet the following conditions:
- You have not suffered a claim during the last 12 months;
- You must provide an information statement (RI) to your insurer to confirm your good management and the absence of claims;
- Your vehicle must be parked in a safe place and away from public traffic;
- Any modification made to your vehicle must be reported to the insurance.
Once these conditions are met, you can implement any of the methods mentioned in this article to stop insuring a car without selling it.
If you plan to stay at least a year without driving, stopping your car insurance can be very interesting financially. It is necessary to study the contract carefully to find out which type of insurance is best suited to your situation and your budget, before taking out a new contract or terminating an old one. Finally, before making a decision, make sure you comply with all the legal conditions and administrative formalities imposed by the insurer.