How To Transfer A Vehicle’s Insurance In A Lapsed Period?

By Sharon Gibson Posted in Car Insurance News

Once your car insurance policy has lapsed your first move should be to shop around for an insurance company that is willing to take over your car insurance policy. Many companies do not want to assume the risk of you lapsing again so only a few companies insure lapsed drivers. You can search for them on this website. Once you have found someone to insure you, gather all your information together and be prepared to pay more for your policy then you did previously.

What’s Next

You’ve found an insurance company willing to insure you and now you have to make sure that you tread carefully. Be sure that all the information you give the insurance company is accurate and up-to-date. You don’t want to give the new company any reason to cancel you newest policy. If you have any violations against your driver’s license be sure to pay any tickets and if your license has been suspended for any reason you won’t be able to get insurance. Be up front with any questions they ask. Your premium will increase so be prepared.

Avoid Lapsing Again

The best way to avoid lapsing again is paying your premiums on time. If you think you can’t make a payment or you need more time contact your insurance company. They may be willing to negotiate with you by giving you more time to pay your premium, working out a payment plan, or reducing your coverage to reduce payment amount.  At first you won’t be eligible for any of the discounts you were getting previously. You will have to wait a little while before you will be able to apply discounts to your policy. It ’s also a good idea to stick with one insurance company for a few years to build up a good reputation. You might have to start from square one if you switch insurance companies too soon.

Related posts:

  1. How To Get New Car Insurance After A Lapse?
  2. When Is An Auto Insurance Policy Considered Lapsed?
  3. What Can I Do If My Car Insurance Is About To Lapse?
  4. How Easy Is It To Switch Companies For Car Insurance Online?
  5. What is The Impact of Vehicle Theft on Low Cost Car Insurance?

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