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What should I do with my auto insurance after my truck was repossessed?
My truck was repossessed and I don't plan on getting it back. I'll be buying a new vehicle in about a month. Should I drop my auto insurance until I buy another vehicle? My next insurance payment is due in a week.
Carol Chung · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“What you should know is that
car insurance
companies generally offer a discount if you’ve been continuously insured for at least six months. If you cancel your coverage, you’ll lose this discount and pay a higher rate for your next policy.Since you’re planning to buy your next vehicle fairly soon, I recommend keeping up with your insurance payment on your current policy. Once you buy a vehicle, you can update your policy to reflect this new purchase and keep paying a reasonable rate.”
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- Gregory R.
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