Automobile Insurance Lapse Indiana
Reader’s Question:
Is my car covered if my auto insurance lapses in South Bend, Indiana? How long is it covered for?
Larry
South Bend, IN
With car insurance, there is no grace period. Normally if you do not pay then your car insurance policy will cancel at 12:01 AM of the day listed on your payment notice or expiration date from your automobile insurance carrier. If you do not pay and your car insurance lapses you do not have any insurance coverage. There is no grace period for you to be covered for you to obtain a new car insurance policy or reinstate your insurance policy.
If you let your auto insurance lapse and your insurance company reports this to your state’s Department of Motor Vehicles, which is required in many states, then you can face fines and penalties for disregarding car insurance laws. In most states you need to turn in your license plates and registration if you cancel or have a lapse in car insurance. If you do not do so then your driver’s license and registration can be suspended for a period of time. Some states just require you to pay a fee and show proof of car insurance after a lapse.
Do not let your car insurance lapse in South Bend, Indiana as much as possible. If it does and you are caught driving without car insurance or even worse at-fault in an accident you will face penalties for driving uninsured and be held personally liable for the damages you have caused since you did not have any auto insurance in effect.
Gary Indiana SR22
Q: I’m financing my car and have full coverage. Is this the amount of coverage I have to have on my Gary IN SR22?
A: While you can drop your full coverage to the minimum and still meet the requirements of your Gary IN SR22 insurance, you have to think about the fact that your financier requires you to have the collision, comprehensive, and gap coverage. If you do drop it, then your car can get repossessed. Coverages that are required for someone who is buying a car include property damage liability, bodily injury liability, comprehensive coverage, collision coverage, and gap insurance.
Even with all of these additional coverages, you can still find ways to save money on your Gary IN SR22 insurance. If you assume more risk–and vow at the same time to be very, very careful on the road-then you can see your car insurance rates plummet. In order to assume more risk, you have to raise the deductibles on your exrta coverages. If you have, say, a $1000 deducible and you get into a car accident involving your car and a tree, you will have to pay the first thousand dollars of damages, and then your car insurance company will take care of the rest. Raising it as high as you can go is best, but make sure you can handle the costs of the deductible.
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