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?
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Answered on May 06, 2021
“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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