Get A Quote Contact Us Home Page

Most, though not all, insurance companies have a grace period when it comes to payment due dates.  Depending on the company, that period can be anywhere from 1 day to as many as 10 days before the policy cancels for non-payment.   If a payment is made past the cancellation date and time, a reinstatement fee will often be charged.  Late payments are not accepted in all cases, which may result in a lapse.

A lapse in coverage is going to hit your wallet when you reinstate, reissue, or purchase a new policy. Car insurance companies consider the uncovered to be higher risk than those who diligently keep their policies in force.  Even a one-day lapse in coverage can lead to higher rates. After an auto insurance lapse, your ability to get insurance at an affordable rate could be compromised. And, chances are, it will be at an increased rate. You may need to an insurance company that specializes in insuring risky drivers. Typically, high-risk insurers charge more for their policies so complete, affordable coverage might be difficult to obtain.

Kim Houseman
Posted 6:54 PM

Share |

No Comments

Post a Comment
Required (Not Displayed)

All comments are moderated and stripped of HTML.
Submission Validation
Change the CAPTCHA codeSpeak the CAPTCHA code
Enter the Validation Code from above.
NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
Blog Archive
  • 2016
  • 2015

View Mobile Version
Social Media
HELPFUL LINKS: Home About Us Get A Quote Blog Contact Us Service Comes First Since 1984
© Copyright Merited Insurance. All rights reserved. Powered by Insurance Website Builder
Automobile Insurance Homeowners Insurance Life Insurance Renters Insurance
Find Us on Facebook Follow Us on Twitter Connect With Us On LinkedIn RSS