PRLog (Press Release) – Jul 05, 2011 – CarInsuranceRates.com, an online leader in the provision of free car insurance quotes, has responded to the recent data revealing the steep cost of allowing a car insurance policy to lapse. The average policyholder will pay 5.7 percent more for new coverage if a lapse occurs. A lapse happens when the policyholder does not renew current coverage or purchase other coverage when his/her current car insurance policy expires.&# 2011 Chrysler 200 Convertible 13;
"Policy lapses happen more frequently than you'd think. Renewal sometimes slips policyholders' minds, or they might not have the cash required to pay their next annual premium when it comes due. The result is a gap in coverage that our latest data prove is very costly over the long run," explained Nathan Ackerman, spo ni ssan GTR specification kesman for Car Insurance Rates. < raising chickens /p>
Figures show that the rate increase for a policy lapse is the highest for people with two or more vehicles. On all policies, the average is a 5.7-percent increase. With one vehicle, the spike is 8.8 percent, and with two or more vehicles, the jump is a whopping 12 percent.
"What our latest research shows is that letting your policy lapse is an expensive mistake. In the case of dire financial straits, the best thing is not to allow your coverage to expire because it will end up hurting you financially in the long run. Rather, we encourage our visitors to make whatever adjustments they need to their policies to make 531276856 them af goverment technology fordable enough to purchase or renew coverage. The subsequent rate hikes are just too high for any other approach," said Mr. Ackerman.
Visitors can read the details of the survey of insurance lapse date on the CarInsuranceRates.com website.
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