My Coverage Expired. What Are My Options Right Now?
Here are our top tips.
Ask your current insurance company to reinstate your policy
Insurance companies genuinely want your business—even if you’ve missed one or more insurance premium payments. Unfortunately, reinstating your policy sometimes means paying a penalty or having a higher monthly insurance rate than you expected.
Still, it’s less expensive than getting caught (or worse, yet, having an accident) without any insurance at all. All you have to do is call your insurance provider and talk to them about your situation. Ask them what they can do for you in extending the payment date or putting you on a payment plan. And if you are considering another insurer, make sure you know the cost of reinstating with your current insurer first.
Switch to another insurance provider
Whether you’ve let your coverage lapse or not, this may be the opportune time to consider a new policy with another insurance carrier. Every insurance company is different in terms of rates and what products they have to offer. They may be able to reduce your rate by bundling other insurance you have (such as home or life) within one tidy package. Or you may find a lower rate on auto insurance alone. Car insurance is a highly competitive business, and with so many options, you are sure to find a carrier that suits your needs—perhaps in an even more customized way than ever before.
Surrender your plates
If you’ve let your coverage lapse (or have decided you may have to soon), surrendering your plates to your local department of motor vehicles ( DMV ) will ensure that you don’t get financially penalized even further. In some states, lack of insurance voids your registration. Now you are looking at reinstating both your insurance and paying new registration fees.
Chances are, however, that in a marketplace teeming with so many options, you’ll find something that can fit your budget.