Once you sell your car through LightSpeedBid, you can cancel your insurance immediately after the vehicle is picked up. Insurance follows the VIN, not the title, so you want to avoid paying for a policy on a vehicle you no longer own. LightSpeedBid provides sellers with a proof of pickup receipt that confirms the exact date and time the buyer took possession. This document can be provided to your insurance company if needed.
LightSpeedBid recommends canceling your insurance only after the tow driver has completed pickup, verified your ID, and taken the signed title. Canceling too early could leave you without coverage if the buyer delays the pickup or if something happens on your property while the car is still under your possession.
If you transfer your insurance to a new vehicle, you can simply call your insurer and request a policy transfer. Most insurance companies process this instantly. If you are cancelling entirely, you may receive a prorated refund depending on your insurer.
Insurance cancellation is a simple part of the process. LightSpeedBid provides all necessary proof and ensures that the transition is clean, documented, and fully clear for the seller.