Why You Should Avoid a Lapse in Auto Insurance Coverage

LAS VEGAS - Aug. 18, 2020 - PRLog -- Because your auto insurance coverage is not something that you use on a regular basis, it may feel like your monthly premium is a waste of money. Particularly when money is tight and you are looking for ways to cut unnecessary expenses, it may be tempting to roll the dice, hope for the best and go without auto insurance for a few months. Unfortunately, this is a risky move that could end up costing you far more than your monthly premium.

The Downsides of Not Paying Your Auto Insurance Premium

Insurance Rate Increase
Statistically, those who skip auto insurance coverage for a while pose a greater risk to auto insurance companies and therefore pay a higher monthly premium than those who do not let their coverage lapse. Even for 1 single day!  While you may save a little bit of money per month by not paying your premium, this will offset by the higher premium you pay later on now that you will most likely be rated as "non-standard". Additionally, you may have a difficult time getting coverage and may have to purchase a costly policy from a company that specializes in covering high-risk drivers.

Impact on Your Driving Record
In Nevada, auto insurance companies notify the Department of Motor Vehicles when you drop your auto insurance policy. If you have a lapse in your auto insurance coverage, even 1 day, it will be noted on your driving record. When this happens, you may be faced with a $250 dollar fine that will go up over time, and you can have your license suspended until you have auto insurance coverage again.

Financial Consequences
By driving without auto insurance, you are taking a big risk. As vehicles get more expensive, the cost of repairing or replacing them also increases. If you are responsible for a car accident, you are responsible for covering all the damages that result, including damage to the vehicle, any injuries, lost wages and any other expenses connected to or resulting from the accident. Without auto insurance, all of these expenses will come out of your own bank account, or future wages.

Read the full article: https://www.nevadainsuranceenrollment.com/avoid-lapse-auto-insurance-coverage/

Learn more: https://www.nevadainsuranceenrollment.com/auto-insurance-las-vegas-nevada/

Nevada Insurance Enrollment
4260 W. Craig Road suite #150-A
North Las Vegas, NV 89032
(702) 898-0554
Website: NevadaInsuranceEnrollment.com