Regardless of whether or not your car is high performance, you have a desire to cancel your insurance. The question of doing it right is a question that many who cancel their insurance must ask. If you don't do it right, or if you just jump into it haphazardly, then you could hurt yourself financially in the long run.

Whether you are moving to a different state, junking your current ride altogether, or just not satisfied with your current provider, there are a few things you need to know so that it won't come back and haunt you like a bad penny.

First of all, it is best to issue a formal notice. Your policy may say that you don't have to, but giving written notice of your intent to cancel is always recommended and advantageous. You need to tell them that you are canceling and what date you would like to cancel. Most policies permit a person to cancel whenever they want so long as they've given notice. One thing to remember though is that your policy might still be in effect at the end of the term.

There are a lot of people that wrongly believe their policy will end after the term, though if you don't inform the insurer of your intent to cancel they may just keep billing you. Or they might do as they promised and cancel your policy when you fail to pay, though it will be a negative mark against you if you fail to inform them.

Don't make any assumptions about your insurance company, despite what they might tell you. Yes, your high-performance car insurance mighty very well be canceled as soon as you don't pay, but what will it do to your credit. Always make a formal notice!

Another problem that you will have if you choose to cancel suddenly is the high risk insurance you will need to take out when other provider see your track record. You will pay a higher premium, and this should tell you how important the cancellation notices really are.

Switching Providers

If you are keeping and driving the same vehicle but switching high-performance car insurance providers, make sure your cancellation date coincides with the effective date (start date) of your new policy. You don't want to be caught in an accident when you're uninsured, would you? That would just go down in history as the most stupid thing any responsible adult could do.

Cancelling your high-performance car insurance may be inescapable. At some point, you'd find one or more reasons to want to cancel an existing policy. Just remember that to avoid any negative impact on you and your financial future, be considerate. Allow your insurance company enough period of notice and go through the process of making the termination official. It's the only way you can avoid trouble from a cancellation, now or in the future.