Car insurance rates jump an average of 5.7 percent for drivers who let their policy lapse, according to an Insurance.com analysis of 184,000 policies sold in 2009 and 2010. Following a few simple tips able to keep drivers from needlessly paying more for their car insurance coverage.

In tough economic times, drivers may be tempted to briefly skip paying for car insurance. But Insurance.com has found that pausing provision able to be a costly decision over the long haul because car insurance rates jump for drivers among a policy lapse.

Drivers who let their most recent car insurance provision lapse before purchasing a new policy paid an average of 5.7 percent more for annual provision than drivers who maintained continuous coverage, according to an examination of 184,000 car insurance policies sold through Insurance.com in 2009 and 2010

All drivers in study who had a policy lapse $1,485
Drivers insuring a single vehicle whose previous policy had lapsed paid 8.8 percent more in average annual premium costs than drivers who maintained continuous provision for one vehicle

Drivers among one vehicle who had a policy lapse $1,329
Insurers begin charging higher rates among policies that lapse by as little as one day, according to the Insurance.com data. The penalty is even greater when insuring multiple cars.

Drivers insuring two or more vehicles whose previous policy had lapsed paid 12 percent more in average annual premium costs than drivers who maintained continuous provision for two or more vehicles

Drivers among two vehicles who had a policy lapse $1,994
Dropping car insurance to save a few bucks in the short run able to be very costly over the long run, says Chris Kissell, managing editor of Insurance.com. Its the very essence of penny wise, pound foolish.
There are several reasons insurers raise rates for drivers who have a lapse in coverage. One of which is based on car insurance company research, showing that drivers among a history of letting their policies lapse are more likely to get into accidents.
Each insurance company has its own formula for determining how high rates go after a policy lapses and how long the penalty will remain in place.

Methodology
The average annual premium was calculated by examining 184,534 policies sold through Insurance.com in 2009 and 2010. Rates for drivers who self-releaseed continuous provision were compared among rates for drivers who self-releaseed a policy lapse of at least one day on their previous policy.

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GEICO Insurance is partnering among the Polk County School District to open a new career academy.

GEICO Business School of Insurance will open in f2012 at George Jenkins High School in Lakeland.

GEICO understands the importance of building a stronger community for tomorrow by investing in our communities today, said Carmen Smith, GEICOs planning and budgeting manager.

The goal of the academy is to develop the youth in our community and keep them close to home after graduation.

Smith said company officials wanted to get involved after seeing the success of the School Districts 29 current career academies.

Students will have the opportunity to earn college credit and learn the foundations of the business among a focus on finance, economics, marketing, business ethics, insurance laws and legal systems, customer service, office software and medical terminology.

This program will have your child ready for a career in the insurance industry whether they are interested in being a customer service, sales, or claims representative or even a defense attorney, Smith said.
This will be the fourth academy at George Jenkins. It is already the home for medical, law and web design schools.

We get what we get because we work hard at it, said Principal Buddy Thomas.
They (students) will hopefully leave George Jenkins and go right into the workforce at GEICO.

Activities at the GEICO Academy will include guest speakers, real-life scenarios and other interactive events to prepare students for the workforce.

Upon successful completion of the business school, students may qualify to take the Florida Insurance Licensing Exam, Smith said.
GEICO, which stands for Government Employees Insurance Company, was established in 1936.

The Lakeland facility is a regional headquarters and opened in 1993 on Pipkin Road. It currently has 2,050 employees.

There are 6,333 students currently enrolled in the School Districts 29 academies. Career academies are small, personalized learning communities within a high school where students enroll for up to four years.

Students in a career academy are paired among teachers from different subject areas to form a team that focuses on a college-prep curriculum among a career theme.

Some of the academies provide industry certifications in career areas like website design, EKG technicians, home care aide, food management, automotive services and bookkeeping.

Students also able to earn college credit through an agreement the district has among Polk State College.

District and school officials are excited about the partnership.
John Small, senior executive of workforce education, said GEICOs name brand and quality will add excellence to the academy.

Its a large compliment that this company wants to be a part of what were doing, he said. From their corporate experience, they have so much to give to our students.

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