If you want to change car insurance, you usually have to cancel your old car insurance at least one month before the contract ends. Since contracts for auto insurance are in most cases terminated on 31. Accordingly, if the loans expire on December 30, they would have to be repaid. November the deadline by which you must cancel the car insurance policy. However, in exceptional cases, it is still possible to cancel car insurance at a later date. Namely, if there is an extraordinary reason for termination. Then you have a special right of termination.
Accident allows early cancellation of car insurance
Such an extraordinary reason for termination exists if you have reported an accident to your car insurance company. This means that the insured person may cancel the car insurance after an accident and can change to another insurance prematurely. Once the claim has been concluded, however, the insured person only has a period of one month to exercise his special right of termination and cancel the car insurance policy following the accident. Afterwards the special right of termination expires.
Attention: Not only the policyholder, but also the insurance company can cancel the car insurance after an accident.
However, a prerequisite for premature cancellation of car insurance after an accident is that the policyholder is also partly to blame for the accident, so that his car insurance company is responsible for settling the claim. If, on the other hand, the other party is solely to blame for the accident, the opposing party's motor liability alone is responsible, so you may not cancel your car insurance despite the accident
Cancel complete insurance contract after accident
If you want to make use of your special right of termination and cancel your car insurance after an accident, the entire insurance contract must always be cancelled. That means, beside the third party liability, the partial cover and the full cover must always be cancelled as well. Individual contract components to continue is not possible.
Cancellation cannot save no-claims class after accident
After an accident, the car insurance company will downgrade the no-claims class. However, many policyholders believe that they can escape the downgrade if they cancel the car insurance after the accident and go to another insurance company. But unfortunately this is a mistake. Because the new insurance company is informed by the previous insurer about the accident and adjusts the no-claims class accordingly. So, from this point of view, there is no point in canceling your car insurance after an accident and switching to another insurer. Nevertheless, it is certainly worthwhile after an accident to check whether another car insurance may not be cheaper and then to switch there.