There are times in life when you’re faced with a lapse in your regular insurance coverage. Maybe you are going to be between policies or you don’t own a car. Maybe your college kid, who is not on your policy full time, is home for a couple of weeks and needs to drive. There are many reasons you may need temporary or short-term insurance.
Most regular insurance policies last from six months to one year. With a short-term auto insurance policy, you can get the same amount of coverage for a shorter time period. You’ll be able to purchase the same protection, including comprehensive, collision, uninsured or underinsured motorist, and medical payments for passengers.
These policies can have different names, depending on the situation they are used for. Here are a few.
Lots of younger people simply don’t own a car, but sometimes they need one. Or, city-dwellers who don’t want the added expense of having a car in the city may have a short-term need to use a friend’s car. A non-owner’s policy will protect you with liability coverage for medical bills and property damages. It’s never a good idea to drive without coverage and these policies allow you to be protected when you’re driving.
Car Renter’s Insurance
If you’ve ever rented a car you’ve probably been given the option to buy their associated insurance. But, your own insurance company may be able to give you the exact same coverage while you rent a car. If something does happen, at least you are dealing with your own company, which is likely to reduce hassles.
GAP coverage, also known as guaranteed asset protection, is a type of short-term coverage that is a good option for the period after first purchasing a new car. We all know that as soon as you drive your new car off the lot, it has lost some value. If your car is totaled, you could be out thousands. GAP coverage will protect you, especially if you’ve put less than 20% down or have financed the car for five years or more.
Why Should I Get Short-Term Insurance?
Simple. To protect yourself. Accidents happen, and if you have an incident without car insurance protection you’ll be facing fines and issues with your driver’s license, as well as much higher rates down the road. When the time comes, and you really need auto insurance, you may find yourself paying exorbitant rates. Worse, if you cause an accident and you don’t have car insurance, you could be liable for ten of thousands in medical bills and damage expenses, you could even lose your home and assets. Be safe. Get a short-term policy for your own protection.
If you are expecting a lapse in your regular auto insurance, it pays to invest in a short-term car insurance policy. And, with InsuranceWins, it’s fast and easy.