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Don't Let Your Vehicle Insurance Premium Lapse

Author : Dakota Lindal

There are so many things we have to pay for each month, and this can get very stressful. Unfortunately you will find that the more money you earn the more bills you will have to pay. When unexpected expenses crop up, it can be difficult to stay on top of all payments. It is unfortunate, but there are times when you may find that you have to let a certain bill payment lapse. In this article we will discuss this lapse, and why it is so important that you do not allow your vehicle insurance to be one of the payments that lapse.

Your vehicle insurance premium is an extremely important bill that you have to pay. Naturally you have those people who say that they think that they will never have an accident and are paying that money every month for nothing. This is a bad mindset to have, because there is always the possibility that you could be in a collision for as long as you are on the road in a motor vehicle. Unfortunately, your chances of being in a collision are a lot higher than you think! Now you need to consider that if you allow your vehicle insurance premium to lapse, you will not be insured for that month until all fees are up to date. This is very dangerous, as your chances of being in a collision in that specific month are just as high as in any other month. What will you do if you are in a collision in this uncovered month? Then it will really be as if you have been paying your insurance premium for nothing for all the previous months!

Think of the financial repercussions of letting your policy lapse. If you allow your vehicle insurance premium to be the one bill to lapse, then you will have to make up for that payment for the following month. Depending on how much your vehicle insurance premium is, this can be a lot extra to have to pay the following month. You will also hold the reputation with your insurance company for being a bad payer, which could mean that you might not be offered discounts in the future. You basically never want to hold the reputation of being a bad payer, because this could mean that you will be looked negatively upon in the future.

Should you find that you are having a hard time meeting your payments every month; you need to consider finding a new insurance policy. Look for an insurance policy that you can actually afford to pay every month. For example, if you have a comprehensive policy that you are finding too expensive, you must consider taking out a simple third party policy, which is the cheapest vehicle insurance policy that you can acquire. Also ensure to shop around and compile as many quotes as you can, as this will also help you find a more affordable policy.

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Submitted : 2010-12-10    Word Count : 870    Times Viewed: 144