Rising car insurance rates can make it hard for many drivers to afford coverage on a daily basis. It’s because auto insurance policies require the driver to maintain continuous coverage over the state’s statutory period–typically 30 days, 60 days, or at least three months–which if they do not happen to do in a single billing cycle ends up getting them penalized. In addition, let’s avoid these common questions: “When am I due for an annual policy again?” You could find yourself needing to renew your coverage much sooner than anticipated. Here are some tips on how you can get back on track and still keep your car insured.
-The day when the grace period begins -The first 24 hours -Further time variable after that -Where voided policies can be voided and companies will pay for expenses -How the progressive lapse grace period works -What the progressive lapse policy covers.
The day when the grace period begins is typically the first day of the month following your policy’s expiration. The grace period will vary depending on the company, but typically it is 24 hours. After that, there is a further time variable that will vary depending on the company. Typically voided policies can be voided and companies will pay for expenses. How the progressive lapse grace period works is companies take into account how much longer you have been driving without insurance than with insurance and then will credit your account with a set ammount of days.