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It is important to realize that most states are going to require you to carry a premium even if your car is going to sit in the garage. In many States you cannot let your insurance lapse no matter your driving habits and there are penalties for letting your insurance lapse even if you let the vehicle sit in the garage.

These types of changes can be handled responsibly without affecting your short term coverage and keep you out of the high risk category so your insurance premiums stay low as possible.

There are important reasons why you should never try to let your premium lapse:

  • Your credit score could be negatively affected.
  • You will pay higher premiums.
  • You will pay fines and possible suspension of your license in most states.
  • If you are in an accident when the coverage has already lapse then you have full financial responsibility of all damages even if the accident was not your fault.
  • You could end up with a lawsuit from the other driver or their insurance firm if you fail to pay the damages caused in the auto accident.

It is important to keep an existing policy within the vehicle owners budget while keeping the level of coverage at a good level. Nevertheless it is important to consider the effect of the kinds of changes on a driver’s short term coverage.

When a driver makes a changes to a automobile insurance policy the changes may take a couple of days or even a few weeks to go into effect. Particularly if coverage is being added to a policy. This indicates that adding coverage does not always mean instant protection.

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From an alternative perspective, drivers who make a decision to cancel coverage or lower their limits in specific areas take a different kind of risk. These drivers have low short term coverage and they may want to keep in mind that if in accident it could be expenses which is not covered.

This relies upon the kind of coverage that is canceled or reduced and in certain cases it can be clever to buy less coverage on auto insurance policy to limit a driver’s general expense. It is good to be very meticulous about your policy when you are making any changes.

Driving without the proper coverage could be a costly and life long mistake particularly if you have an expensive car. Before changing your coverage each driver may want to check for car insurance quotes from two or more insurance companies.

The top reasons you may want to review your premium

 – then consider making changes to it or changing insurers altogether:

  • You got laid off from work
  • You have a long-term loan or lease on the vehicle
  • Your credit score has significantly changed since you purchased the policy. If your credit score is lower then you may want to check for insurers which may use driving history as a more important determining factor than credit scores. If you have an increase in your score than be sure to tell your insurer to lower your rate.
  • You recently bought home. Your home is going to need insurance and this would be a great time to get a multi-policy discount which can lower your rates for your vehicle(s).
  • You landed a job which gave you a company car. You would want to tell you insurer that your own vehicle is for pleasure use and the company car is for work which will drastically reduce your rates.
  • Your child (or children) have reached the age of 16. Even though you may have low insurance rates now once you add an inexperienced driver to the policy the insurer could increase your rates immensely since some insurers consider inexperienced drivers extremely “high risk”.

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