"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?
Answer provided by
Answered on May 06, 2021
“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.
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