I sold my car around the same time my insurance was ending, so I didn’t renew it. Thinking I will renew it when I go to purchase another car. Ever since then “2022” my insurance has been higher than it ever was. Does this lapse ever come off the record? Or is this something I just have to rebuild? I’ve been driving since 16 with no accidents, and at age 22 had the lapse. Now 24 does insurance not care about a flawless record from age 16-24 or do they only acknowledge 22-24 now? I’m so confused with what this means for me
Week Lapse in my insurance, does this ever go away?
byu/Randomusername401 inInsurance
Posted by Randomusername401
3 Comments
Your lapse fell off when you renewed.
I doubt the lapse in insurance is the only factor driving the cost increase, although it is a factor. There is also the general inflation in insurance prices to consider. Insurance companies are making up for the losses they have been accruing in recent years. The kind of car you are now insuring also figures into the equation, as does your credit history.
No one on Reddit can tell you how much of the increase is due to your lapse. If they say they can, they are pulling it out of their ass.
>Thinking I will renew it when I go to purchase another car
Well, you have too, by law, carry liability insurance
Collision insurance is required by lenders if you finance a car. If you drop the policy, they can get forced placed insurance and add the cost to your loan.
The fact you had no insurance and were no driving for a while, plus are still young, will factor into your rates.
Get the VIN numbers from some cars s you’re interested in and get quotes first before you pull the trigger on a purchase.
How long that will affect your rates is unknown. You only had a eight year driving history to rate you on. As a new, inexperienced driver, then you got off the road. In the grand scheme of things, eight years is nothing compared to the 40 -50 year olds with the 20-30 years on the road who are actually getting the $80- $100 per month rate you probably want.
So you’re probably going to have to be patient.