What Does it Mean to
have a Lapse in an Auto Insurance Coverage?
Having a
lapse in your auto insurance coverage simply means that for a certain time
frame, your registered vehicle does not have a legal minimum insurance covering
it.
This can be
as a result of either a cancellation in your insurance premium payments, or by
not choosing to renew your insurance policy.
It could
also be as a result of getting rejected by your insurance company after
sustaining lots of accidents or fines on your vehicle.
Having a
lapse on your car insurance payment is one of the worst things that can ever
happen to you in the sense that, you could see yourself getting penalized to
pay more on the insurance coverage, whether or not the lapse was on purpose or
not.
Driving
without car insurance may also attract fines, tickets, get your license
suspended, and even worst – get you arrested.
This is
because in most states in the United States, it is illegal to drive a vehicle
without having it covered with insurance.
How long can I Go
without an Auto Insurance Coverage?
Depending on
your current location and insurance provider, you are likely to get a 10 to 20
days period of grace after your coverage has elapsed to renew itbefore your
insurer cancels it.
So, unless
you reside in states within the country that do not require insurance for
automobiles by law, you should never drive a vehicle without an insurance
coverage on it.
While short
lapses and the period of grace may seem like an alternative here, but you
should understand that you may have to pay more when having to renew the insurance
coverage. And it gets worst when you fail to renew the coverage – this is
because it would be more difficult and expensive for you to get a new coverage.
An auto
insurance grace period is a short period of time given to the insured as a
final notice to avoid a lapse in their coverage.
How Much Does a Lapse
in an Auto Insurance Coverage Cost?
Auto
insurance lapses fines vary by one’s state of residence.
For example
in Alberta, the fine attached with driving an uninsured vehicle ranges from
$2,875 up to $11,500 – and it gets pretty much expensive in the event of an
accident.
In places
like Las Vegas, Nevada, drivers are required to follow the minimum coverage limit per vehicle owned.
For a first
offense auto insurance lapse in Las Vegas, Nevada, the car owner will be
required to pay a fee of $250 for a 31 to 90 days lapse, and $500, for a 91 to
180 days lapse… Any additional day more than this attracts a fine of $1,000.
The car
owner will also be required to submit his or her driver’s license until they
can provide a proof of insurance on the vehicle.
A second
offense auto insurance lapse in Las Vegas, Nevada attracts a fine of $500 on a
31 to 180 days lapse, and $1000 if the lapse exceeds 181 days.
And finally,
a third offense auto insurance lapse in Las Vegas, Nevada attracts a fine of
$500 on a 90 days lapse, $750 if it exceeds 90 days, down to 180 days, and
$1000 if it exceeds 180 days.
Best Alternatives to
Dealing with Auto Insurance Lapses
The number
of expenses that comes as a result of a single lapse in an auto insurance
payment can be really frustrating, that’s why the best solution is NEVER TO HAVE ONE!
Now, there
are so many ways which you can use to avoid a lapse in your auto insurance
payments such as:
* Driving safe
* Taking up insurance rates which you know that you can successfully maintain
* Etc
But the best
way to actually avoid a lapse in your auto insurance payment is by paying for
your insurance policy on time.
But sometimes cash can be really tight to get – and that’s where a payday loan Nevada comes in really handy.
Guaranteed payday loans like InstantPaydayNV can provide you with the money you need to fund your auto insurance coverage, so there won’t be any lag in payments when due.
This will
also help you from attracting any more of the outrageous fines that comes with
an auto insurance lapse.
Conclusion
Auto
insurance was created to protect everyday car users from bills which they may
sustain as a result of an accident, theft, and more. This is good, but as to
every good thing, it has it’s bad side.
Short term loans Nevada are always available to help fund your auto insurance coverage whenever you need it – and you don’t even have to worry about incurring any more debt that you can deal with as this is an unsecured loan.
This means
you don’t have to provide any form of collateral or whatsoever to get funded.
Now I’d Love to Hear from You:
Have you ever experienced a lapse in your auto insurance coverage?
I’m extremely pleased to discover this website. I wanted to thank you for ones time just for this fantastic read!! I absolutely enjoyed every part of it and i also have you bookmarked to see new stuff in your site.
Branden S.
December 9, 2020
Hi Maseczki,
Thanks for your appreciation. We are glad to have your comment.
maseczki z filtrem
I’m extremely pleased to discover this website. I wanted to thank you for ones time just for this fantastic read!! I absolutely enjoyed every part of it and i also have you bookmarked to see new stuff in your site.
Branden S.
Hi Maseczki,
Thanks for your appreciation. We are glad to have your comment.
Comments are closed.