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Why are insurance rate affected once you get insurance after a period of time not having insurance?
Regis9098
There are a couple of reasons for this. One, insurance companies look at maintaining auto insurance without a lapse as being "financially responsible." If a vehicle is titled to your name then you must carry the minimum liability coverage your state calls for at the least. Claims statistics show a higher rate of claims filed for people with gaps in coverage and/or a bad credit rating...hence credit now being a part of insurance premium scoring. In addition to this studies show those that maintain their insurance policies are more likely to pay their bills then those that go long periods of time without coverage. To sum it up it comes down to years of statistics and claims studies. A person that has kept up their coverage for years without a lapse will get a better rate then someone that keeps a policy for a couple of months, lets it terminate, then gets another one.
However, if you went without insurance due to their not being a need for coverage (did not own a vehicle or have one titled in your name) then this is different. When you go to buy a policy or get a quote let the agent know you did not have coverage because of those reasons...this is called a "no need" in insurance slang. While you will not get the best rate because you will not get the continuous insurance coverage discount you will not be surcharged like you would had you not had insurance but needed it. Basically, you just do not get the discount.
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∙ 14y ago
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