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I'm selling my car and canceling insurance. When I buy another car a few months from now, will I get higher rates for a lapse in coverage?

I'm in the process of selling my car and will be without a vehicle for the first time in years. My current job is located right off the subway and I don't have much need for a car for at least the next few months. How concerned should I be about having a lapse in coverage when I do eventually get another car? (in likely 3-6 months from now) Progressive offered me a liability only plan for $55/month. Worth it? I don't plan on borrowing or renting a vehicle during this time, so the only benefit would be to avoid a lapse in coverage and potentially higher rates down the road.

May 22, 2019 Los Angeles, CA

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Kristine Lee

Manager, Content and Data

Credentials
  • Licensed Insurance Agent — Property and Casualty

Kristine is a licensed insurance agent who joined The Zebra in 2019 as an in-house content researcher and writer. Before joining The Zebra, she was a…

You are right — having a lapse in coverage will cause your rates to be higher in the future. I recommend getting a non-owners policy, which it sounds like Progressive is already offering to you. This is essentially a liability-only policy when you do not own a vehicle, or are between vehicle ownership, like your case. This would provide liability coverage if you're going to be borrowing a friend's vehicle or simply want to maintain insurance. The question of "is it worth it?" is a little harder to answer since the rate increase due to a lapse in coverage varies by insurance companies. Sometimes it won't be that much, other times it can be quite high. I recommend getting a quote for non-owners — because there is no vehicle to insure, non-owners policies tend to be fairly inexpensive. Good luck and if you have any questions, don't hesitate to ask

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