What Happens If I Stop Paying My Car Insurance?

Being in a car accident entails long-lasting consequences affecting the overall quality of life. The most apparent outcome is physical injury. Aside from the burden of recuperating from such injuries, the financial setbacks can be severe to the point of recovering is inconceivable.

The impending financial ruin may stem from auto repair bills and medical bills. In the worst-case scenario, you will also be responsible for the damages and injuries inflicted on third parties. Such expenses may pile up and can take a severe toll on your daily living.

Hence, having car insurance is undeniably important as it can offer financial assistance and protect the insured from legal liabilities should circumstances happen. Additionally, almost every state requires drivers to have car insurance with minimum coverage required.

However, people can choose to have a comprehensive car insurance ph that will save a car from a vehicular accident and damage due to fire, theft, natural calamities, and even flood.

While many people use health insurance ph more often, car insurance is also undeniably helpful, especially for drivers who usually drive around the congested and busy streets of Metro Manila.

Like with monthly bills, car insurance premiums needs regular payment. However, there are instances where people may forget or pay their premiums late as they are struggling with various expenses. While it is not a significant offense, it can still harm the insured and the insurance provider’s relationship.

Paying late is another issue that the policyholder and insurance provider can arrange, provided that the insured has to meet certain conditions that will keep the policy active and prevent it from lapsing.

Some people think of car insurance as an unnecessary expense and choose to neglect payments. Missing payments is one thing: however, stopping to pay altogether can result in costly and severe consequences.

Read this infographic by iChoose containing information about what can happen if you stop paying for your car insurance.