Life insurance is a policy, or contract, between you, the policy holder, and an insurance company (insurer). In exchange for your payments, commonly called premiums, the insurer provides death benefits to your beneficiary after your death.
Things happen. Sometimes we accidentally forget to pay the car insurance bill. We might have a tough month financially and just not be able to cover the bill. Whatever the reason is, the car insurance bill didn’t get paid and your auto insurance has lapsed.
When people talk about "full coverage" car insurance, they're often referring to a combination of coverages that help protect a vehicle. But, there's really no such thing as "full coverage" for your car.
For many teenagers, the cost of buying car insurance on their own may be more than their summer jobs can handle. That’s why many parents put teenagers on the family insurance policy, where the expense is much less than if a teenager bought his or her own insurance policy.