An annual insurance policy can be canceled at any time. But just make sure that your replacement policy is active prior to canceling and existing policy. You don't want to be left with a gap in coverage. Insurance premiums that have been paid past the point of cancelation will be refunded to you. You will need to sign a cancelation form that will specify the date that you want the policy to be canceled. However, it is never recommended to just let a policy lapse in order to start a new policy, even if they are on corresponding dates. The reason for this is that in insurance when reports are run to check past insurance coverage, it can be a black strike against you if it shows you let a policy lapse. There is never a reason given in that report as to why it lapsed and it could be misinterpreted as non-pay of premium.
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Posted Tuesday, April 06 2010 11:58 AM
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