Kanetix Forum

I just got my learners license. I bought a car from a friend. The ownership papers have been signed over to me. If I register the car with a temporary permit I believe that gives me a month to pay the taxes. My question is, can I insure the car for 24 hours so I can drive (with licensed driver) my car home?? How much would that cost?

The good news is, you have a few options. The bad news is, there are no products offered in the industry that would provide you insurance coverage for specifically one month.

That being said, there are insurance companies out there that offer a 3-month or 6-month policy rather than purchasing a full year term. No matter which type of policy you purchase (3, 6 or 12-month) you'll still have to cancel the policy early since you are only looking for one months worth of coverage. Cancelling your policy early should not be a problem, however, most companies will charge a short-rate cancellation fee for this.

There are also companies out there which don¿t charge cancellation penalties and will offer a pro-rata cancellation. Your best bet would be to look into these types of companies to avoid any cancellation fees.

Sean Graham, Principal Broker at KTX Insurance Brokers.

Neither Kanetix® nor the KanetixForum.ca is an insurance broker or agent. Although this information has been passed along to you from KTX Insurance Brokers through the Forum, we are not responsible for the opinions expressed by them. Insurance can be complicated. When reading these answers, keep in mind each person¿s situation is unique. Individual responses may vary depending on your insurer, geographic location, and specific circumstances. If you have a similar situation, always speak with your insurance provider, or a licensed insurance representative, for terms and conditions that may apply to you.