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What happens if I forget to renew my car insurance?
I don't have autopay set up for my car insurance. I think my policy is set to renew soon, but I have to send in the payment. What would happen if I forget to renew my insurance?
Emily Maracle · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
If you forget to renew your
car insurance
, you won’t have coverage. The day that your policy expires is technically also your policy renewal date—so if you don’t send in your payment before that date, your insurance may lapse
, giving your carrier cause to cancel your policy.A lapse in insurance means you have no insurance coverage—and if you
drive without car insurance
, you’ll be risking fines and license suspensions. If you’re in an accident during this time, you’re not covered either.Additionally, a lapse in coverage can negatively impact your insurance rates moving forward. Even a short lapse in coverage can cost you money, and you’ll automatically be flagged as a risk to insurance companies, who adjust accordingly by increasing your rates.
On average, insurance carriers raise your rates by as much as 8% following a lapse in coverage—and lapses that last longer than 30 days can result in rate hikes as high as 35%!
Even if you forget to renew your insurance on the expiration date, you can still reinstate your policy. Most carriers will let you reinstate your policy if the payment is only a few days behind—although you may still receive a higher rate than you’re used to.
That being said, now may also be the right time to consider changing carriers. Personal finance experts recommend shopping for car insurance each and every time your policy comes up for renewal, to ensure you’re always getting the best rate possible.
View full answer
- Gregory R.
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Jerry partners with more than 50 insurance companies, but our content is independently researched, written, and fact-checked by our team of editors and agents. We aren’t paid for reviews or other content.
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