I recently sold my car and am currently covered under my sibling’s car insurance policy until the end of next month. I’m wondering if it would be better to cancel my insurance now and then add new coverage for my sibling’s car once the temporary policy expires, or if I should just wait to remove my sold vehicle when that time comes?
I have Geico insurance, and I thought it might be simpler to wait until the temp policy expires to add my sibling’s car to my policy and remove my sold car. However, my family is concerned that if I don’t remove my vehicle, I could be held liable for anything that happens to it, even though it’s sold.
A representative from Geico seemed to agree with my plan to keep my policy active, but I’m receiving mixed messages. Any advice would be appreciated! Thanks!
It sounds like you’re in a bit of a tricky situation, but it’s great that you’re reaching out for advice! Your instinct to keep your current policy active until your sibling’s temporary policy expires does make sense, especially to avoid any potential gaps in coverage or complications with reinstating your policy.
However, your family’s concern is valid. If you haven’t officially canceled your old car’s insurance policy, you might still be held liable for any incidents related to that vehicle, despite having sold it. Here’s a breakdown of your options:
Keep Your Policy Active: If you keep your policy active and just remove the sold car when the new one is added, you maintain continuous coverage and potentially face fewer hassles. Just make sure to inform Geico promptly when you remove the sold vehicle and when you add your sibling’s car.
Cancel Your Policy: If you cancel your policy now, be aware that you’ll need to reinstate it later. This might be more complicated, and you could lose any continuity benefits you might have with Geico. Additionally, you’ll need to make sure your sibling’s car is adequately covered under his policy during the interim.
Switch Coverage in Stages: Another thought is to keep your current policy active and ensure the car is removed as soon as possible once you are sure of the timeline for adding your sibling’s car.
To make the best decision, I recommend directly contacting Geico again to clarify your liability status regarding the sold vehicle. Ensure you understand your coverage gap while transitioning vehicles, and double-check if there are any state regulations that might influence your decision. Ultimately, keeping both parties updated—your insurance company and your family—will help ensure you’re all on the same page and comfortable with whatever choice you make.