Cancelled Insurance After Total Loss Claim (CA)
Hi everyone,
As the title indicates, I made a poor decision and canceled my insurance policy on Friday. I found out last Wednesday that my car had been deemed a total loss, but I went ahead and canceled my coverage before finalizing everything. To make matters worse, it was a financed vehicle, and the insurance company has already taken possession of the car.
I have a few questions:
- Should I attempt to have my policy reinstated and explain that the cancellation was a mistake on my part?
- Is it possible to reinstate Tesla insurance given that it’s been less than a week since the cancellation?
- What could happen if I choose not to reinstate the insurance?
Edit: I haven’t received my refund yet, and I’m currently trying to contact my adjuster to see if they can assist with reversing the cancellation.
It sounds like you’re in a tricky situation, but there are some steps you can take to address it. Here’s what you can consider:
Contact Your Insurance Company Immediately: Reach out to Tesla Insurance as soon as possible. Explain that you made a mistake by canceling your policy so soon after your car was declared a total loss. They may be able to reinstate your policy, especially since it’s only been a few days.
Clarify the Situation: Be clear with them about the circumstances, including the fact that the car is financed and that it’s already been moved to a lot for total loss processing. This context may help them understand your request better.
Ask About Reinstatement: Inquire if it’s possible to have your policy reinstated and whether there are any fees or penalties involved. Since you haven’t received a refund yet, this may work in your favor.
Consider Your Options: If reinstating your policy isn’t an option, discuss what your next steps should be. It’s important to have insurance in place, especially for a financed vehicle, so you may need to look for alternative coverage quickly.
Know the Risks of Not Having Insurance: If you decide not to reinstate your insurance, you could face issues with your financing company, as they usually require comprehensive coverage for financed vehicles. Additionally, not having insurance during this process could lead to further complications if anything happens with the claim or the vehicle.
Document Everything: Keep a record of all communications with your insurance company and adjuster. This documentation can be helpful if you run into any issues down the line.
Reach out to them promptly, and best of luck in resolving this situation!