An insurance lapse can lead to severe legal and financial consequences, particularly with auto and health insurance. For example, many states have mandatory auto insurance requirements, meaning driving without coverage could result in hefty fines, suspension of your license, and even vehicle impoundment. According to the Insurance Information Institute (III), most states will notify you if they discover a lapse in your auto insurance, and you could face penalties if you are caught driving without coverage. For health insurance, the Affordable Care Act once imposed penalties for uninsured individuals, though this mandate has been lifted in most states. However, you […]