Can I Not Pay Insurance for a Car That Won't Be Driven for a Year?
1 Answers
It is best not to skip paying insurance for a car that won't be driven for a year. If the vehicle reaches the time for insurance renewal but the owner fails to renew it and lets it lapse, the owner may face an increase in the insurance rate upon renewal. Additionally, a vehicle that has lapsed in coverage will require a new inspection when renewing the insurance, adding to the procedures and causing more inconvenience for the owner. Here is some relevant information about vehicle insurance: 1. For vehicle insurance, commercial insurance can be completely canceled, while compulsory traffic insurance cannot be canceled if the vehicle's registration is canceled or if the vehicle is stolen. However, compulsory traffic insurance can have its coverage period extended. If the proper procedures are followed, there will be no adverse consequences. If the owner does not file for a suspension of use with the vehicle management office, the vehicle may lapse in inspection, leading to penalties or even cancellation of the vehicle's registration. 2. If the owner neither files for a suspension of use nor pays the insurance and vehicle tax, when renewing the insurance the following year, the owner will be required to pay the previous year's vehicle tax along with late fees (calculated daily). Additionally, the compulsory insurance rate may revert to the original price, and commercial insurance may lose any previous discounts, among other consequences.
