I messed up by cancelling my auto policy and declining insured non-owner. How to fix?

My work sent me travelling for 6 months starting on July 1, with a rental car & I am covered by the company auto policy.

So I got a quote to sell my car, I was happy with the quote, so I sold.
Later that day, I cancelled my auto policy on the car, and during the cancel call I was offered “insured non-owner” which I declined, thinking that it wasn’t necessary because I was covered by the employer auto policy.

Well, today I learned about how having a lapse in coverage will (A) skyrocket my rates and (B) make me unable to become insured with my currently preferred insurer Nationwide and possibly other insurance companies.

I think I already know that the best plan to fix this is to get on my parents policy temporarily (I am 34 y/o). But this doesn’t quite solve it.

My whole plan was to sell my car into the currently booming used auto market, and buy a car when my work ends my travel plans in mid-January 2022.

But the complication is, what should I do if I’m shopping for a car in December and find one I want to buy, for example?

Location: OH -> KY in July, then KY -> OH in January 2022.

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  1. There is no “fixing” this. It’s already done and can’t be undone. You will pay higher rates for a few months when you get a car due to the lapse. Unless you live with your parents you really shouldn’t be on their policy and many insurers won’t add you to theirs. You’ll need your own policy.

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  3. Unfortunately you are probably going to have to suffer the increase in rates for awhile when you get insurance again. It shouldn’t be unaffordable, and it will be temporary. Yes your options will be limited, but give it 6 months and you will have more options.

  4. OK, this isn’t the end of the world, and you might not be screwed. If you’re ~6 months from buying a car, just purchase a non-owner policy now. It shouldn’t cost very much, and Nationwide still might sell it to you.

    Alternately, you can wait until you’re ready to buy a car and talk to an agent at that time. You can explain that you didn’t need the coverage (because, frankly, you don’t) and that you were covered under your employer’s policy since you were exclusively using their vehicle. There’s a very good chance that you’ll find coverage with someone that’s not Nationwide, but the idea is that you want to do business with an insurer that’s able to understand your situation and not punish you for something that’s not relevant to your specific situation.

    With both options, the goal is to find someone that won’t punish for making a smart financial decision while still being completely insured in a slightly nontraditional way.

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