Auto Insurance Claims: Cancelling my insurance., insurance question, one headlight

Question
QUESTION: So, on December 30th I got into a car accident that was my fault for failing to yield the right away, but really I didn't see the person coming because of a snow bank, but anyways I am   selling my car in a few days now because its illegal to drive at night with a ripped off bumper and one headlight. Now I have to pay my premium on the 8th and I want to cancel my car insurance being as I don't have the car anymore.  My question is if I canceled my insurance now, would I have to pay my premium on the 8th even though I won't have my car anymore, or would I have to pay for the other person's damage to their car since I canceled my insurance.  Thanks for your time.

ANSWER: Hi Sam,
Any accident that took place before the date you cancell the insurance is covered by your policy.
I would strongly reccomend that you not cancel the policy until the car is actually sold.  Anyone interested in buying the car will probably want to test drive the car, and you should not allow that to happen if you have already cancelled the insurance.
I hope this has been of help.
Sincerely,
Bennie

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QUESTION: Another thing, do you know if it costs money to cancel your plan? And say I sold it on the 6th and canceled on the 7th would there be any problems since they take it out of my account on the 8th electronically?

Answer
Hi Sam,
With most companies, when you have your insurance on a monthly payment plan, A payment does not cover any set period of time.  It is merely a convenience to allow you to spread out the payments instead of paying one lump sum.
Once you cancel the policy, your company will compute the exact number of days that you were covered and weigh the cost for that period of time against the total amount that you have paid.
You will either be sent a refund or a bill.
I hope this has been of help.
Sincerely,
Bennie