There are many issues and penalties that go along with letting your car insurance coverage lapse.
Letting your auto insurance policy lapse is never a good idea. Not only is auto insurance required to drive in Connecticut, but the coverage provided by the policy will help to ensure that you are not financially devastated after just one accident. Plus, when you try to reinstate your policy, you will face much higher premiums because you can be considered a high risk.
There are many common causes of an auto insurance lapse, including late payments, not renewing your policy, not paying your premium, or having excessive tickets. Almost all causes of an insurance lapse are avoidable and can help to ensure that you don’t have to deal with the fallout of the lapse.
Not only will you have to face much higher premium costs when it comes time to reinstate your policy, but allowing your auto insurance to lapse can also lead to other penalties, including:
Suspended vehicle registration
Suspension of your driver’s license
High fines and reinstatement fees
SR-22 financial responsibility requirements
If you find out that your auto insurance policy has expired, contact your car insurance provider as soon as possible. They may be able to reinstate your policy without any penalties if it has only been expired for a couple of days. If your car insurance policy was cancelled due to not paying, which caused a lapse, your car insurance will most likely not be open to reinstating your policy. If you find yourself in this situation, you will have to shop around for a new insurance provider, which could lead to higher rates.
For all of your?auto?insurance questions or concerns when it comes to dealing with a lapse in your insurance coverage,?contact?the insurance professionals at Abbate Insurance in New Haven, Connecticut. We will work with you to ensure that you are able to enjoy the protection that you deserve, all at the right price.