What To Do If Your Auto Insurance Policy Lapses?

author image Thursday 07 May 2015, 15:35 PM Car-Finance

A lapse in car insurance needs to be avoided on all costs as it may leave you exposed to tons of penalties and unwanted risks. However, even if it does happen any unfortunate day you must know the right measures that may help you get back in the safe zone. Apart from fine and penalties, its coverage needs to be taken care of. Car insurance lapse means you are no more liable to claim coverage in case of accident, theft, fire, irreparable damage, or any other mishap. Following are a few tips that need to be kept in mind when your auto insurance policy lapses:

Insurance policy
Insurance policy
  • Contact Your Carrier – Your agent might be the best person to contact as soon as you realize about the expiry. If it isn’t too late, your agent may reinstate your policy and save you from any kind of penalties.

  • Keep Away From Driving –Try to avoid driving till your insurance gets updated. Meanwhile, keep a check on other options too and see if your provider is offering you an online payment option, it will save lots of time and energy.

  • Look For Buying New Car Insurance – In case your policy was cancelled by the company itself for deliberate reasons like non-payment of premium or excessive penalties, it might be time for you to purchase a new one. There are a number of places both online and offline from where you may buy car insurance at reasonable rates.

  • Online Car Insurance – Buying online car insurance might seem a bit impractical, but if you pay little attention it may help in saving money, time and energy.

  • Avoid Future Lapses – Last but not the least, always try and avoid any kind of gapes in paying premium or any other reasons that might lead you to lose your insurance. It is important to be insured as it protects all involved parties especially in desperate and difficult times.

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