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How much will a lapse of auto insurance really cost me?
I junked my car and don't plan on getting a new one for a while. GEICO said that I need to keep a non owners policy to keep my rate from increasing, but they couldn't tell me how much it would save me. Why not?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“Keeping your auto policy and converting it to a non owners policy is a great way to keep the cost of your overall insurance down. However, there isn’t a way to find out how much it might save you.
Having a lapse of coverage is a negative factor when it comes to your
auto insurance
, but other factors like loss history, driving record, safety discounts, and credit score (in some states) matter more. Since rates change all the time, there isn’t a way for a carrier to accurately quote removing this factor with a future-dated policy.If you have a favorable driving record and credit score, having a lapse of insurance will impact your rate, but not very drastically. If you have a less desirable driving history, the impact on your future rates can be significant. “
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- Gregory R.
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