There are many different bills that one has to pay every month. Unfortunately you will find that the more you earn, the more bills you will have! This can get very stressful, and when unexpected expenses crop up you will find that you suddenly have to pay for things you did not anticipate. This is when problems can occur, such as payments on certain bills being late. In this article we will discuss letting your vehicle insurance lapse, and the dangers of it.
Your vehicle insurance premium is one of the most important bills that you will have to pay each months. Of course you get those people on the one side of the fence who believe they should not have to pay money every month towards something that may never happen. The unfortunate truth is that as long as you are on the road, you are at risk of being in a collision. Another truth is that your chances of being in a collision are much higher than you actually think. If you knew the real statistics you would never allow your payment to lapse. The fact is that if your vehicle insurance premium lapses for one payment, you will not be insured for that month. Another fact is that your chances of being in a collision are just as high in this uninsured month as any other! What would you do if you were involved in a collision in this month that you are not covered? You would be really upset then because then it would really be as if you were paying that money towards your policy every previous month for nothing.
Think of the financial repercussions of letting your policy lapse. If you allow your vehicle insurance premium to be the one bill to lapse, then you will have to make up for that payment for the following month. Depending on how much your vehicle insurance premium is, this can be a lot extra to have to pay the following month. You will also hold the reputation with your insurance company for being a bad payer, which could mean that you might not be offered discounts in the future. You basically never want to hold the reputation of being a bad payer, because this could mean that you will be looked negatively upon in the future.
If you are finding it too expensive to meet your vehicle insurance payments every month, it is perhaps time for you to consider a new policy. You must rather look around for a more affordable policy that you can afford to pay for every month. If you have comprehensive policy that is costing you too much, you must consider taking out third party insurance, which is the cheapest type of vehicle insurance that you can obtain. Also, take some time to shop around and compile quotes from different insurance companies. This can help you find a more affordable policy.