Insurance Question: If car breaks down

[enter]

Hi im from BC and just got a general insurance question, as im new to owning my own car so sorry if this is a basic question. I got insurance for my vehicle in June 2009 from icbc, as far as I know, its a 1 year insurance plan correct?...my vehicle that I insured is kind of old, and i think it might last only a couple of months more till I decide to get rid of it (not worth repairing if it breaks)....Im just curious as to what happens to my insurance after my vehicle is gone before June 2010. Am I able to cancel it if I dont plan on getting a car right away? or transfer it to my new car if I do?

thanks

[Rifle]

You can cancel your insurance policy and ICBC will return a % of your money back based on how much time (months, etc) is left on your policy. All you do is bring your current registration papers and plates and go to your broker.

however, if you plan on transferring it to another car, that's another story. When you buy a car, ICBC gives you 10 days (I think) for you to transfer your plates on your broken car to your new car, before you have to come in to an insurance broker and actually register your car. So irregardless, when you do buy a new car, you can only transfer your insurance for a maximum of 10 days (while keeping the new car's transfer of ownership papers and Filled and signed in your glovebox).