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"Will I regret canceling my non owners policy? "
I have had a non owners policy for the past five years. I want to cancel the policy to save money, but I was told that if I do buy a car later on, my insurance will be much higher since I would have a lapse of coverage. What should I do?
Shannon Martin · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“This can be a tough decision to make. Having continuous
auto insurance
is a rating factory for your car insurance policy, but it is only one of several. Credit history (in some states) and loss history are also very strong rating factors. If you have an excellent driving record and credit score, the impact on your rate for having a lapse in coverage may be minimal.
However, if you have any recent accidents or moving violations or live in a higher-rated zip code, you may see a much higher rate. Unfortunately, there is no way to know the cost ahead of time.
The choice to cancel your policy will come down to what will work best for you financially. If the cost of the
non owners car insurance
doesn’t yield any real benefits, you may want to cancel the policy. You can always purchase rental car insurance
a few times a year if you rent a car.”View full answer
- Gregory R.
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