Many of us have thought this. To save money and avoid unnecessary expense, you can cancel your car insurance policy. Although it may seem harmless as you only intend to drop your car insurance policy for a short time, there could be serious consequences.
The first reason why you don’t want to cancel your car insurance policy is because it is required by law if you are an active motorist. You would then be violating the law by cancelling your auto insurance policy, which is not a good idea. To avoid getting into an accident, this is only one of the many obstacles that you need to avoid. Speeding tickets are a sure way to get caught without insurance. Many states also have surprise checkpoints to make sure drivers are following the law. The checkpoint might be to ensure that people wear their seatbelts and check for impaired driving, but they will also check for your insurance status while you are stopped. Sometimes insurance companies will report to the auto finance company, or onto the uninsured motorists list. Police officers can now run your license plate number to receive a report on your insurance status. If they find you to be uninsured, they will pull you over immediately to ask you questions. Being caught without insurance can lead to severe penalties.
You could be fined, have your driver’s license suspended or even sent to jail if you are caught with no car insurance. To save money, you would have to pay a fine. A suspended license would mean you are committing another crime if your driver’s license is not renewed. We all know what jail is like, and we don’t want to spend any time there. Your car could be impounded in addition to the possible fines. Guess what? More money from your pocket. The car can be impounded until the original fine is paid. However, for as long as it remains impounded you will be charged a daily charge. In a short time, the cost can escalate quickly.
You don’t have to carry auto insurance because of the law. But, you should keep it. Your policy is there to protect your family, your vehicle, and your finances. You can cancel your policy at any time. If you are involved in an accident and you are uninsured, you will be responsible for paying for repairs or replacement of your car and for medical expenses for your family. You will be fined, suspended, and other consequences if the police file an accident report. also.
If this happens and you do not make a decision to get insurance again, expect to pay higher premiums. If you have a poor driving record and are not insured, your premiums will go up significantly.
This is the main point: don’t cancel your auto insurance and drive with it for any reason. You won’t save money if you are trying to save money. Your final bill will be ten times more than what you’re currently spending. Do your family a favor. Also, please do yourself a favor. Keep your coverage. You will all have difficult times. But budgeting can help you save money and avoid the risk of losing your coverage. Do the smart thing and purchase another policy if you’re driving without any auto insurance. Get a quote. They are free and you can compare prices from different companies. Once you have made your decision, you will be able to determine which policy is best for you.