Consequences of
Late Auto Insurance Payments The consequences of
late auto insurance payments are crystal clear to some policy holders.
Late Auto Insurance Payments Late auto insurance payments are more common than most of us would care to admit or even think about.
Not exact matches
Late payments on credit cards or other financial obligations could lead to increases in your
auto insurance premiums.
It is regrettable that some
auto insurance companies are cancelling people's
insurance policies just because they have credits on their credit cards even they don't have
late payments on their monthly premiums.
First of all, when somebody «defaults» on their
auto insurance premiums (by being
late on a
payment), the
auto insurance company's reaction is not like that of another kind of lender, such as the company that is letting you pay off your TV or your dinner table in installments.
In addition, many
auto insurance companies now look at previous
late payments when determining risk for new customers.
While forgetting to pay a common bill can cost you a
late fee, letting your
auto insurance lapse because of a missed
payment can cost you a great deal more than that.
Ideally, it's best to pay your premiums on time, every time, but if there's any risk you might be
late, contact your
auto insurance provider immediately for
payment options.
Speaking in generalities however, it is common for most
auto insurance companies to issue some kind of fee for a
late payment.
As ever, the policy pertaining to
late payments on your
auto insurance is very much at the discretion of the
auto insurance company.
There is no grace period for
auto insurance, so if your
payment is
late, the insurer may kick into «automatic cancellation» mode, and that's a hassle you want to avoid.
Paying for your entire policy upfront saves your commercial
auto insurance company money by eliminating the need to issue and process monthly bills; it also reduces the risk of
late payments or nonpayment.
If your
auto insurance provider does elect to cancel your policy right away — for example due to a history of
late payments — don't count on them reinstating the policy once the premium is received.
Price should never be the only factor when choosing an
auto insurance policy (you need adequate coverage, after all), but if you choose a policy you can't afford,
late or skipped
payments could lead to cancellation of your policy.
Nowadays, more and more
auto insurers are linking
late bill
payments with
auto insurance rates.
Those with poor credit or
late bill
payments are most likely to get higher
auto insurance rates.
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