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Should I keep my insurance if my car was totaled but I plan on buying a new ride in the next month or so?
My husband and I share a car. He was recently in an accident and the car was totaled. As of now, we don't have a car, but I don't want to spend money for insurance while we don't have it. Should I cancel my policy or hold onto it until I get a new vehicle?
Eric Schad · Updated on
Reviewed by Shannon Martin, Licensed Insurance Agent.
“If you were going to go the public transit route instead of buying a car, canceling your policy would make sense.
But since you’re planning on purchasing another car in the near future, you should definitely keep your
car insurance
. Carriers like to see drivers maintain continuous insurance coverage.If you cancel the policy, you’re actually letting your insurance lapse. When you go to insure your new car, you’ll find that you’re now in the high-risk bracket, meaning you’ll have to pay higher rates for six months to a year, even with a clean driving record.
Bottom line: hold onto your car insurance and you’ll actually save money in the long run.”
View full answer
- Gregory R.
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