Staying Insured During Lapses In Coverage: New York’s Grace Periods – Written by Lizzie Nealon Written by Lizzie NealonArrow Right Insurance Contributor Lizzie Nealon is an insurance contributor and enjoys making home, auto and life insurance digestible for readers so they can prepare for the future. Connect with Lizzie Nealon on LinkedIn Linkedin Lizzie Nealon
Edited by Mariah Posey Edited by Mariah PoseyArrow Right Editor, Insurance Mariah Posey is an auto and homeowner insurance writer and editor for . It aims to make the travel insurance as practical as possible by keeping the reader in the mind of his work. Connect with Mariah Posey on Twitter Twitter Connect with Mariah Posey on LinkedIn Linkedin Get in touch with Mariah Posey via Email Email Mariah Posey
Staying Insured During Lapses In Coverage: New York’s Grace Periods
At , we strive to help you make smarter financial decisions. To help readers understand how insurance affects their finances, we have licensed insurance professionals on staff with a combined 47 years in the auto, home and life insurance industries. While we adhere strictly
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Maintaining continuous auto coverage can help keep your premiums low. However, you may find yourself in a situation where your car insurance has expired. Rectifying car insurance lapses as soon as possible can help give you peace of mind and financial protection in the event of an accident. Often, the failure of car insurance coverage is unwanted. If you find yourself in a situation where your car insurance has lapsed, there are steps you can take to get coverage once again.
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Costs will continue to increase until 2022. Shop around for a better rate before renewing your current policy.
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A lapse in coverage occurs when you neglect to pay your premiums, when your insurance company cancels your policy or if you switch between two policies and cancel your existing coverage before your new policy takes effect. An insurance failure can be as short as a day or can last longer, depending on your situation.
Regardless, avoiding a car insurance failure can save you from countless headaches. If you are involved in a car accident without car insurance, you may be responsible for paying damages and medical bills out of pocket. You may also be subject to fines or other penalties, including suspension of your driver’s license or increased costs from your lien holder if your insurance coverage expires and you own a vehicle.
If you don’t own a car, you may think you don’t need insurance. However, keep in mind that car insurance can help you pay for the costs associated with a car accident if you drive at all. Non-owner car insurance, for example, helps protect your finances when you’re behind the wheel. This inexpensive option is available from many major insurance companies and can help you avoid a failure. For example, it can be a good option if you sell your car and want to take your time to find a new one.
If you have a lapse in coverage, your car insurance company may see you as a riskier driver – and charge you more as a result. Policyholders with a lapse in car insurance pay an average of $602 per year for minimum coverage car insurance, which is nearly $60 more than the national average. Those with comprehensive coverage pay an average of $1,949 annually, nearly $200 more than the average.
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Typically, people with insurance gaps pay about 10 percent more for their coverage. It is also possible for your insurance company to refuse to reinstate your insurance coverage after a failure. In this case, you should get a new policy with a new insurance company. Since your insurance company is required to report your failure to your state’s DMV, any new insurance company will know about it and may charge you higher premiums as a result.
The first thing to know about having a failure is that dealing with it immediately can give you peace of mind and help you reach an ideal outcome. Your car insurance company may even have a short grace period where your premiums will not increase for failed coverage.
Once you realize your policy has lapsed, taking the following steps can help you get back on track:
Although you might experience an increase in premiums after a failure, you may still be able to find an affordable policy. The insurance editorial team has proprietary access to rate data provided by Quadrant Information Services and based on our extensive analysis, USAA,
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