If you decide to sell your car and live without one for a while, you might wonder about your car insurance. Do you still need to keep a policy if you do not have a car? Would it make more sense to cancel the policy? These are good questions, and you might want to talk to an auto insurance agent before choosing a path. Here are the several factors the agent might discuss with you to help you make the right choice.
Time Without a Vehicle
The first thing to think about is the timeframe of living without a car. Do you plan on buying a car next week or living without one for a few years? The timeframe plays a role in this decision, so you might want to think about this before you rush into a decision. If you decide to live without a car for years, you may want to cancel your policy. If you are looking to buy a car relatively quickly, you might not want to cancel it.
Driving Habits
The next factor to think about is your driving habits. If you do not have a car, will you take public transportation or ride your bike everywhere you go? If so, you might not need car insurance. If you plan to borrow vehicles from your friends or relatives, it is worthwhile to keep your policy. It should cover you no matter what car you drive.
Consequences of No Insurance
It is also wise to think about the consequences of living without auto insurance. If you do not have coverage, your friends might not let you borrow their vehicles, as it would be seen as too big of a risk to them. Also, if you do borrow someone's car without insurance, you could be sued.
Benefits of Keeping a Policy
As you consider these options, you might also want to know the benefits of keeping a policy. If you keep a policy, you can have the protection you need. Additionally, keeping a policy protects you against lapses in coverage. If you decide to keep it, you can save money by changing it to a non-owner car insurance policy. This type of policy costs less, but it provides the coverage you need.
You can decide whether to cancel your policy or keep it. It is often better to keep the coverage, though. Contact a car insurance company for more information.
Do you remember the last time you experienced an accident or an injury? Life can surprise you sometimes, which is why it is always smart to have a few life insurance policies in place. I used to think about everything that I had and everything that I could lose, and it occurred to me that I couldn't risk taking any chances. I wanted to begin this blog to share my perspective with other people, so that you don't have to worry about finding the right insurance company. Read more here to figure out what you need to do to choose a better plan.