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A lapse in car insurance means a gap period between you registered a car, but do not have car insurance.
The duration of a car insurance policy lapse can range from a day to two weeks, depending on the insurer. The time the car spends without being insured is deemed a lapse. Getting auto insurance for the lapse in coverage is pivotal to ensure your safety and to prevent any penalties.
A lapse in your car insurance coverage can mean you are still driving your vehicle without any kind of protection. At ICarInsuranceUSA, we can help you in the following ways:
Research different options for protecting your car despite coverage lapse.
Save money by determining your qualification for receiving a highly discounted auto insurance cover.
We will assist you in filing claims.
Did your car insurance policy lapse? Here is what you should next.
Now that you have some idea regarding what is lapse auto insurance, it is time to know about the types of premium rates that you are likely to be offered by insurers. It is vital to activate coverage for your car the proposal could come at a huge cost.
This is primarily because of your inability to maintain car coverage which most of the auto insurance companies perceive to be a risky and irresponsible driving behavior. It also implies blatant violation or federal and state laws that can further add to your financial woes in the event of an accident.
ICarInsuranceUSA can assist you to learn about the exact process to get your vehicle reinsured and let you get knowledge of current trends in post lapse of third party car insurance coverage.
If your insurance coverage has lapsed and your car meets with an accident causing bodily injuries to other persons or property damages, you may have to bear all the costs on your own.
If you drive a car uninsured and get involved in an accident, the situation can adversely affect your finances. You may be sued by other parties and could be required to pay costs for lawyer’s fees and resulting damages.
You may wonder, “What happens if car insurance lapses?” Well, it will have a direct impact on future premium rates. There will be a substantial rise in your car insurance premium because of increased risks.
In a few states, insurers are allowed to verify drivers’ driving records with the DMV. This lets them know whether there is any previous lapse of coverage. Lapse of insurance can lead to a hike in premium.
Two major reasons for canceling a car insurance policy 1. non-payment of premium or 2. too many driving offenses. Multiple traffic tickets or accidents on your driving record can lead to policy cancellation.
It is possible to keep your auto insurance premium low even if coverage has lapsed. You need to talk to a competent local agent to learn the tricks of securing affordable car coverage post a lapse.
Get Help Online To Make The Task Of Buying Car Insurance With Coverage Lapse Smoother And Hassle-Free.
Lapse of car coverage can stay on your driving record for a period of 3 years before it falls off. But if you get your policy renewed or switch over to a new insurer in between then your auto insurance rates may witness a hike.
A lapse in auto insurance coverage can lead to your being tagged as a high-risk driver by most of the insurers. This makes companies charge substantially higher premiums for drivers whose impression is one of being highly irresponsible persons who have violated law rather carelessly. The perception is that such drivers may even be engaged in reckless driving practices when on road and get involved in accidents.
The term “car insurance lapse” refers to the time period during which a driver fails to carry valid car coverage that is mandated by national law. To that effect, if your vehicle coverage has lapsed, it is vital that you get it reactivated with your existing insurer or work with a new company. Or else, you might have to pay hefty fines, if caught by a traffic inspector for driving your car uninsured.
No, since missed monthly premium payments are not reported to all the major credit bureaus in country by insurers, there will be no impact on driver’s credit score.
Your car is the next big investment in your home. It needs protection! a lapse in auto insurance coverage can be an expensive affair. Act today to get it quickly covered!
