Glossary term

Lapse

Lapse: A gap in coverage. Rated as a risk factor by most insurers; avoid by changing coverage rather than cancelling.

Where this term matters

Guides and entries on this site that use the term.

Guide

When to Drop Full Coverage and Go Liability-Only

The signals that it is time to drop collision and comprehensive: car value, premium share, deductible, savings, loan payoff, and how to make the change without a gap.

Related terms

Endorsement

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