Ever hear of Non-Owner Automobile Insurance? I hadn't until this morning, and apparently its a not-too-well-advertised policy offered for anyone canceling a policy with no more vehicles on it..
I called USAA to have my vehicle removed from coverage which was the only vehicle covered -- effectively canceling my policy.
I was advised it's better to keep a non-owner policy in place so I don't show as having a lapse in auto insurance coverage. That apparently causes your rates to go way up if/when you buy another vehicle.
What a racket! "Glad you don't have to pay for auto insurance since you don't have a vehicle now. BTW, if you don't want skyrocketing premiums in the future, you better keep paying us!"
My new policy costs $17/month, and it does apply to rental cars or borrowed cars i might drive. So, at least there is some potential benefit other than keeping me hostage.
i thought I'd share this with the group, just in case you get in the same situation. A lapse in your auto insurance is bad, but there's a way to avoid it: keep paying for it!