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There are numerous situations where drivers might consider they don't need coverage for a certain period. However, drivers are recommended to always carry car insurance and to never let their car insurance coverage lapse not even for a short period. Usually, drivers let their car insurance lapse for various reasons such as forgetting to pay the bill, not having the money to pay the bill, selling the vehicle, or because the car broke down.
Drivers should avoid coverage lapses for the following reasons:
- Being at fault in an accident while uninsured can have some unpleasant consequences. Causing an accident while being uninsured is considered to be a felony. Without any kind of car coverage, the at-fault drivers will have to financially compensate the victims with their own money. Usually, the costs for repairing the vehicle and paying the victim's medical expenses can reach several tens of thousands of dollars. If the at-fault driver doesn't have enough money to pay for the medical bills and the caused damage, then he can get sued and be forced to sell his assets to cover the rest of the bills.
- Avoid fines and other legal penalties. Driving without insurance can be very risky. Persons caught driving during a coverage lapse will receive a substantial fine. Also, thy will receive license points or even have their driver's license suspended. In some states, drivers caught driving without a valid insurance policy can go to jail. Future premiums will also be affected. A fine combined with a coverage lapse means that the driver will have to pay extremely expensive future premiums.
- Avoid the high-risk label. Drivers who have recent coverage lapses are automatically placed in the high-risk category. High-risk drivers are paying some of the most expensive car insurance rates. Also, the current insurer will be interested in a driver's former payment history from the previous insurer. Drivers should keep in mind that their insurance providers can cancel their policies if they are missing several monthly payments.
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