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12:01 AM or Bust<br />
By: Jim Valkenburg / Insurance Insight<br />
This is a “hot” topic at the Nevada Division<br />
of Insurance and you need to be aware of<br />
the consequences of not knowing, understanding<br />
or simply ignoring a situation that could result<br />
in a lapse of coverage. Here are the basics:<br />
Auto liability insurance policies expire at 12:01 am on the expiration<br />
date listed on your evidence of insurance card. Think of this as the first<br />
minute of that date – one minute after midnight.<br />
That means that you are NOT insured for several hours if you wait<br />
until later that day to pay your premium. In short, your insurance<br />
coverage does not exist THROUGH the expiration date, but rather<br />
only UP TO that date. (Most insurance companies will, however, take<br />
payments on that date but you should make sure there would be no<br />
lapse).<br />
There are consequences of a lapsed insurance policy, including a fine<br />
from the Nevada DMV.<br />
The penalties for an auto insurance lapse can be financially severe.<br />
If a policy lapses for 1-30 Days its $251. From 31to 90 days, it’s $501.<br />
After that, the penalties escalate; plus at the 91 day point you will also<br />
be required to carry what is called a “proof of financial responsibility”<br />
form (SR-22) for the next 3 years.<br />
A SR-22 is a form the insurance company sends to the DMV proving<br />
you have at least the minimum liability insurance required. If this<br />
policy lapses for<br />
even one day,<br />
you’ll have to start<br />
the 3 years all over<br />
again. Most likely,<br />
your preferred<br />
insurance<br />
company will<br />
not issue one for you so you may need to change to a less desirable<br />
company that will provide SR-22 evidence to the DMV.<br />
One side note: all your personal insurance policies expire or begin<br />
at 12:01 am. This includes your home, motorcycle, RV, watercraft, etc.<br />
So when you are shopping your insurance and the agent asks “when<br />
does your insurance policy expire” – they want the EXACT date. I’ve<br />
had clients say “my policy ends on March 1st so you can begin my<br />
insurance on March 2nd” – WRONG. You need to start coverage on<br />
March 1st at 12:01 am because your current policy ends that same<br />
second.<br />
The Nevada DMV has an excellent <strong>web</strong>site which can answer many of<br />
your questions: www.dmvnv.com.<br />
Jim Valkenburg is a retired military officer and insurance executive.<br />
He and his wife owned and operated their own insurance agency for<br />
over 16 years. His primary purpose is to give out real information<br />
that can be used to make intelligent insurance decisions.<br />
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September 20<strong>18</strong><br />
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