Cheap Auto Insurance: Reward For On-time Payments

By Author: Michael Scott
Total Articles: 46
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Are you tired of your cash-strapped pockets, unending expenses and piling bills, one of which is from your auto insurance company? There may be a day that you just want to file a leave if possible from these worries? After all, what's a week of being late in paying? Wrong.

For various reasons, some drivers leave their auto insurance policies to expire either by not renewing when the policy is up or not paying their bills before the due date. If you are planning this yourself, you are going down a very dark alley. Not paying your auto insurance on time, or not renewing it when it is needed, means you are not covered within this gap.

Ignoring your auto insurance bill means you are driving without insurance. Which for one, means that you are disobeying the law. But not only that. You are also exposing yourself, the driver and car-owner without protection, and your car in a very insecure condition. Chances are, if you have an accident, you'll be personally liable for it.

Failing to pay your auto insurance may give your pockets a short-term lease from expenses. You could use that money for premium ...
... payment on your other bills. But remember, any quick-fix is not good for the long-haul. You may be digging yourself into more trouble. You know why? A lapsed policy usually carries 25 to 50% higher penalty from your auto insurance company. And the insurance business, while a huge market, has a very much connected network. Even if you try to switch to a new auto insurance company, chances are, you will be identified as the policyholder with a lapsed insurance contract. And as the case happens, you stand to get a downgraded credit rating, which makes it more expensive for you to get an auto insurance coverage in the future.

On the bright side, you may pay on time, and in advance if possible, so as to avoid the risk of forgetting to pay or renew your policy before it expires. The reward for this is not only a feeling of wiping your mound of bills one less, but many auto insurance companies in fact may offer you rebates and discounts for paying upfront.

If a lump sum payment is not the arrangement that fits you, inquire if a monthly payment plan is feasible. You may also inquire if paying online will considerably make a difference.

If, for any reason, you are short on cash on the due date, try to negotiate with your company if paying part of your auto insurance bill is acceptable. With acceptable meaning, the policy will remain in force even if the whole due amount is not yet paid. If you have been with your insurance company for a period of time, and especially if this is the first time it happened to you, your company might give a leeway for your case.

But most importantly, don't let your policy lapse just because you simply missed it out. Pay early, and be safe.
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