If you are vacationing this winter, at first thought, annulling your insurance and saving money seems like the obvious choice – however, there are indeed a number of reasons why it may be in your best interest to maintain your vehicle insurance.
Three reasons you should maintain your vehicle insurance even when you are away
Protection Against Theft and Damage
If your car is left at home while you are away, even if you think it will be safe, there is always a possibility that it could be tampered with or stolen. If this is the case and you have in fact canceled your insurance policy then you will be responsible for any financial costs attached to the damages.
On the other hand, if you keep your coverage and your car does fall victim to theft or damage, your insurance policy can help cover the cost of repairs. Moreover, if weather-related circumstances damage your vehicle, like a fallen tree or a collapsed garage roof, you should also be covered. There are many unforeseen incidents that could occur while you are away, and keeping your car insured is the best defense against any financial burdens that may arise.
Rates/Insurance Costs Remain the Same
Another reason it is advised to keep your vehicle insured while away, is because your rates could when you decide to get another policy when you get home. The money you save from canceling your insurance while away may not actually outweigh the potential increase in insurance rates that you will seek out after your return. Therefore, keeping your insurance for the time you are away may actually be a more financially-sound course of action.
Being able to Drive Your Vehicle as Soon as You Back
If you decide to come home earlier, and you canceled your insurance coverage before leaving, then you won’t be able to use your vehicle as soon as you get home. In the case of having to come home for an emergency situation, if you can’t drive your vehicle when you might really need to, this could cause an extra level of stress to your life that you just don’t need. To this potential burden, say you do decide to use your vehicle without insurance coverage, this will lead to serious effects for you as a driver in Canada – as it is illegitimate to drive without having car insurance. Lastly, if you are in an accident, and were driving uninsured, you will not be provided any financial support for any loss or damages.
In a nutshell, keeping your vehicle’s insurance policy in place while you jet off for a few months is highly recommended as a safety net. In order to protect you and your vehicle from an expensive headache, consider your options wisely and what it may mean to maintain or cancel your vehicle insurance while you have departed.
Learning your responsibilities is an extremely important part of owning or financing a vehicle. If you don’t currently own or finance a vehicle but are looking into it, we can help you find the appropriate financing for your situation. Unlike many traditional banks and loan facilitators, Canada Auto Experts can assist individuals with bad credit to find a loan and re-establish their credit one loan payment at a time. So if you are looking to finance a car, you can reach us at 1-855-550-5565 to talk to a car loan expert today!