Despite popular belief, you do not have a grace period for making your auto insurance payment as some health insurance providers offer. Making your auto insurance payment on time provides benefits for both your credit score and monthly rate.
If you have failed to make a payment, you should expect a cancellation notice from your insurance provider stating that your auto insurance policy has been cancelled. Many people assume the “grace period” will protect them from any problems but this is not true. There is no grace period when it comes to paying your auto insurance bill and a prompt payment will not reverse the damages. The ease of returning to your previous coverage depends on your state’s regulations.
To avoid experiencing any issues with a missed payment, you may want to set up your policy to automatic renewal so your credit card is automatically charged on the exact due date of your bill. This will guarantee you won’t have a lapse in coverage.
Reta Insurance Agency has been providing Illinois residents with excellent insurance services for over 20 years. Contact us today for all of your auto insurance needs.