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General

Lapse

A lapse is a gap in insurance coverage caused by non-payment, non-renewal, or cancellation. Even short lapses are visible to future carriers and typically result in higher premiums.

A gap in coverage caused by non-payment, non-renewal, or cancellation. Even short lapses are visible to future carriers and almost always raise your premium. Example: an auto policy that lapses for 14 days because of a missed renewal payment can add 15 to 30 percent to the next quote, even after the lapse is fixed.