Car Insurance

There could be an emergency at home, or you have a hectic work schedule that occupied your time, the reason can be any behind your missing your car insurance renewal date. However, it’s very important that you don’t skip the renewal policy.

Car insurance will help you save money; it’s an integral part of your life.  Maybe your car gets damaged, and you don’t have any coverage, at this point having car insurance will protect you from the lawsuits. Also, without the car insurance, you can be held financially and can also be forced to pay for all damages.  Therefore, it’s very important to have car insurance or to renew the old insurance plan.

What will be the consequences of lapse of car insurance policy:

  • If the insurance lapse duration is too long, the renewal can be rejected
  • You might have to bear high penalty or fine if renewal is permitted by the insurance provider
  • Your car will be inspected, and you might have to purchase a new policy
  • You might end up paying a higher premium
  • You can lose no claim bonus

Some consequences that you might face with the missed car insurance are:

Continuous warnings and penalties:

If you end up missing the renewal date, you will receive a warning, which is the first step that a car insurance company takes. If it’s the first time that you have missed the insurance, you will be provided with the grace period allowing you to make payments without any penalties.

However, whether or not the client has to give a grace period vary from organization to organization.  Although some very cheap car insurance companies don’t call their clients for missed payments, if you continue to be tardy, you can expect additional charges. So, pay payments on time and enjoy less hassle.

You Might Face Cancellation:

An insurance company will not provide coverage even if you miss out a single payment. While most insurers will remind you about the payments; if you still fail to respond to any of their warnings and continue missing payments, they can cancel your coverage.

Cancellation will not permit you to drive and you will also not get coverage from accidents. Also, it’s illegal to drive without car insurance, and you can be fined. Further, continuous violations can also result in severe penalties.

Add-Ons In The Payment Policies And Higher Charges:

If you pay on time, you will not face any penalties, however, after cancellations, it will become more difficult for you to search for a reasonable coverage once again. Also, your history of cancellations and non payments will be visible to everyone and the new insurance company might get dooubtful in offering the new insurance.

Furthermore, due to the higher risk of getting payments, you might end up getting no quality insurance. As a result, you will face added amounts in the general, and you end up paying a higher price.

You Will Not Get Any Damage Coverage On Missed Insurance:

If you have car insurance, you can easily pay for the repairs of your vehicle after the accident. However, the coverage depends on the type of policy you pick. You can either take collision coverage or can take comprehensive one to get cover for the physical damages done on the car.

While the comprehensive coverage will protect your car from theft, vandalism and other physical damages, the collision coverage will protect the vehicle from accidents and collisions from light posts, mailboxes, automobiles and more.

Missing car insurance can put you in the deleterious situations and you might end up putting a hole in your pocket! So, remember the date and save bucks!