An unintentional lapse in Wisconsin auto insurance premium payments may occur for many different reasons. Although it is something you should try to avoid, here are some general answers to common questions concerning lapsed insurance:
•Is it possible to re-establish my lapsed auto insurance policy with my usual provider? Insurance companies generally recognize that a missed payment may occasionally occur and may not usually penalize a lapse of less than thirty days.
•What happens if the lapse is longer than thirty days? Should an insurance payment not be paid for more than one month, you may need to apply for an entirely new auto insurance policy.
•Will my new premiums cost more than my old rates? One of the factors that go into determining your insurance rates is whether or not you currently hold an auto insurance policy. In the event your previous policy has expired, you may be considered a risk and may have to pay increased premiums.
An accidental lapse in your auto insurance payments means there can be much more than insurance concerns. Being uninsured may leave you vulnerable to a potential lawsuit if you are involved in an accident, also by driving an uninsured vehicle you are generally breaking the law. Ensuring your Wisconsin auto insurance coverage is current, should be high on your monthly or annual “to do” list.