How to Pause Car Insurance without Losing Your Policy
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While there are many reasons why you would consider pausing your car insurance coverage, there are actually very few circumstances when doing so is an option. That’s because auto insurance is required in most states in order to operate a vehicle. Here’s how you can go about pausing your car insurance despite the hassles involved.
Reasons why you may want to pause your car insurance
Because auto insurance policies are mandatory in nearly every state, you can only go about pausing or limiting your auto insurance coverage when your vehicle will be out of use for the foreseeable future. Some common reasons to pause your car insurance include:
- Extended vacation
- Inability to drive (typically due to illness or injury)
- License suspension
- Military service
- Needed repairs and/or renovations (which render the vehicle undrivable)
If you will not be utilizing your vehicle because of any reasons listed above, or due to another related reason that isn’t explicitly mentioned, you should consider contacting your insurance provider to see if there’s any way you can pause or reduce your existing coverage while your car will be in storage and out of everyday use.
Pausing your car insurance
While most major car insurance companies do not explicitly allow customers to pause their existing insurance plans, there are other popular and cost-effective options that you may consider. If your vehicle will be out of use for 30 or more days, you may be able to pause your liability coverage, which covers the cost of damage or injury in an at-fault accident, without canceling your existing insurance plan. This will certainly save you money on your monthly insurance bill, but you must remember to reinstate your liability coverage if you begin utilizing the vehicle again to ensure you are fully covered in the event of an accident or car-related emergency.
Alternatives to pausing your car insurance
If you’re looking to pause your car insurance for purely monetary reasons, but your current provider will not allow it, here are a few simple and effective ways you can save more money on car insurance.
Suspend or reduce your coverage: If your existing insurance plan is too expensive, you should consider reducing your coverage or finding a cheaper plan with a different provider. Take the time to shop around for insurance quotes and discover the best plan that satisfies your specific needs.
Remove yourself from the existing insurance policy: Though this option only works if the vehicle is shared between two or more people, removing an insured party from an existing policy is a great way to reduce your monthly insurance bill, especially if they will not be utilizing the vehicle for an extended period of time. Only pursue this option if you will not be driving the vehicle for the foreseeable future, as it is not worth the hassle if you intend to add yourself to the policy again relatively soon.
Purchase usage-based insurance: Under this kind of insurance policy, you only pay for the miles you actually drive, so if you intend to utilize your car much less often and for driving within closer distances, this can certainly save you money in the long run. Search online for participating insurance providers that offer comprehensive usage-based plans.