Don’t Let Your Vehicle Insurance Premium Lapse

by

DakotaLindal

There are so many things we have to pay for each month, and this can get very stressful. Unfortunately you will find that the more money you earn the more bills you will have to pay. When unexpected expenses crop up, it can be difficult to stay on top of all payments. It is unfortunate, but there are times when you may find that you have to let a certain bill payment lapse. In this article we will discuss this lapse, and why it is so important that you do not allow your vehicle insurance to be one of the payments that lapse.

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.

Should you find that you are having a hard time meeting your payments every month; you need to consider finding a new insurance policy. Look for an insurance policy that you can actually afford to pay every month. For example, if you have a comprehensive policy that you are finding too expensive, you must consider taking out a simple third party policy, which is the cheapest vehicle insurance policy that you can acquire. Also ensure to shop around and compile as many quotes as you can, as this will also help you find a more affordable policy.

For more information on

vehicle insurance

, go to

youinsure.co.za

Article Source:

ArticleRich.com