Have you ever noticed that your NV auto insurance policy shows not only an expiration date, but also a time? Take a moment and look at your policy declarations page. Somewhere it should say “coverage effective date” and “coverage expiration date”, or something similar. Next to that coverage expiration date there will be a time listed, typically 12:01 AM.
That expiration time is critical. 12:01 AM means one minute past midnight on the day before the expiration date. In other words, you have exactly one minute of insurance coverage on the policy expiration date. If you’ve neglected to pay your NV auto insurance policy renewal and have a claim at 10 AM on the expiration date, there will likely be no coverage. Why 12:01 AM and not midnight on the expiration date? We have no idea, but it is the way insurance policies have been issued for decades. And, the 12:01 AM expiration time is almost universally applied to all types of policies – auto, home and business.
Whether coverage is afforded for an insurance claim sometimes does come down to minutes. Paying close attention to your policy expiration date and time is important and could be the difference between a covered loss and a denied claim. Make sure your policy payments and renewals are paid on time and well in advance of the expiration or cancellation date.
A gap in auto insurance coverage could also cause problems with the Nevada Department of Motor Vehicles. A lapse in NV auto insurance of just 1 day can lead to a fine of $250. For a repeat lapse, the fine can be as high as $750!
At Safeguard Insurance, we want to make sure our customers fully understand the coverage, conditions and exclusions in their policies. Contact us today for a no-obligation policy review, or to discuss any questions you might have about your auto, home, life, health or business insurance.