Car Insurance Aurora Illinois IL
Reader’s Question:
I’m running short on funds so I’m thinking of paying the auto insurance bill a little late until my husband’s next pay day. We’re from Aurora, IL. What would be the consequences of paying late? Can I ask for a grace period from my auto insurance company?
Linda
Aurora, IL
Unlike your other bills, there is no grace period allowed for paying auto insurance premiums. By just being a day late with your premium payment, your insurance company may decide to cancel your policy. It may not seem fair, but as how you would normally hear, that’s how it goes. And when you’re ready to pay the bill, the company won’t necessarily reinstate your policy once it is canceled. You may find yourself paying more money for a comparable policy, or worse, you may have trouble finding new insurance.
Each state has rules regarding when an insurance company may drop your policy. So, I would suggest contacting your Aurora, IL insurance agent to know exactly the terms of your policy when it comes to late payments. If you fail to make the payment on time, an insurance company will almost always be able to cancel your policy in the middle of its term, on non renew your policy once it up. Paying on-time means that your premium must be received by the due date so dropping the payment in the mail by the due date may still mean that your payment will not be received on the due date.
If you’re a few days late, most auto insurers value your business and won’t drop you. But being habitually late is a different thing. Some companies may seize that opportunity to kick you off their rolls or if they decide that you’re a risk they no longer wish to insure. Your insurer may require that you pay the remaining balance due for the full term if you’ve already passed the cancellation date before they reinstate your insurance.
Tags: auto insurance, automobile, Car Insurance Company
Entry Filed under: SR22 insurance