4 Reasons You Shouldn’t Let Your Auto Insurance Lapse

June 29, 2023

In turbulent economic times, when faced with financial headaches, it can be tempting to let your auto insurance lapse… after all, you’ll have every intention of jumping back in as soon as the dust settles, right?

Back up. Not only is failing to maintain your state’s minimum auto insurance requirements illegal, the price tag that’s possible should you be found liable for damages caused by an accident can be astronomically high.

We probably don’t need to go into it, but it’s worth mentioning here that the financial and physical risks associated with car accidents are simply too high for anyone to truly feel comfortable driving without coverage. Check out the statistics for distracted driving – hint: they aren’t in your favor.

Plus, if you’re pulled over and it’s discovered that you’re driving without minimum coverage, you could be ticketed, might incur court and lawyer costs, and you’ll probably find yourself in a situation where you have to pay a fee on top of any unpaid premium to your carrier. Meaning that the price you’ll pay for a small reprieve on the front end will far outweigh the financial strain of keeping your account current.

Oh, and by the way, when you have a lapse in coverage it might keep you from qualifying for the best priced rates when you do decide to set it up again.

Is it worth it if you don’t run into any legal issues as mentioned above? Still, the answer is no. If you finance your vehicle, you’ll find that your contract agreement probably also requires you to maintain full coverage. Full coverage isn’t just liability, it includes comprehensive and collision coverage, protecting both you and your finance company.

The takeaway? It’s probably obvious, but still: don’t let your auto coverage lapse, and don’t drive without insurance. It’s just not worth the risk. But if you’re really worried about the amount you’re paying for your coverage, we can help. As independent agents, we shop across numerous carriers with competitive rates and industry-leading coverage quality. Reach out today, let us help make keeping your coverage the least of your worries.