What Happens if Your Car Insurance Gets Cancelled
⊸ Blog⊸ What Happens If Your Insurance Is Cancelled For Non-payment?
Feb 27, 2021
People miss payments. Sometimes it just slips our mind, we forget to make a payment until after the due date, there is an issue with our automatic withdrawal, we change bank accounts and forget to notify our insurer, or something happens in our lives that prevents us from making a payment. Insurance is no different, and many people miss payments. While missing a payment on your phone or cable bill may not have severe repercussions, non-payment of insurance can quickly land you in some hot water with your insurer and your auto policy could get cancelled. A non-payment is taken very seriously by insurance companies. Even if you don't mean to miss a payment, it can still have an impact on your insurability now and going forward. While every company has a different rules in regards to a non-payment, sometimes all it takes is a couple of missed payments to result in cancellation. This can make it more difficult for you to get insured and you may need high-risk auto insurance. A missed payment on your insurance should be addressed immediately. Whether your provider contacts you or you notice the missed payment, address the issue immediately. Sometimes amid paying other bills, moving money into your account and other factors, a payment can get missed. But even one late payment, intentional or not, can cause your insurer raise your rates or choose not to renew you – so yes, a missed insurance payment can be a big deal, especially if you don't handle the situation in a timely manner. Failure to make a payment or getting cancelled can affect your car insurance in a number of important ways. Here are some reasons to never overlook the importance of paying on time : Don't forget that even if you have been cancelled and you switch to new insurer, outstanding payments will go into collections and can impact your credit rating. That is another factor that could impact your ability to get insured in the future. Getting insurance after cancellation for non-payment can be a challenge. A recent or previous cancellation due to payment issues will create a gap in your coverage and new insurers will want to know why you have a gap. Don't lie to them – if you lie to them during the application process, they will have grounds to cancel if they find out. If you have been canceled, your best option is to work with an advisor to see where you can get insured and find the most affordable price. The amount of time a cancelled for non-payment stays on your insurance will depend on a few things : Most insurers go back 3 years to see if you have been cancelled for non-payment. Others go back 6 and some look as far back as 10 years. It will impact your insurance short-term; and it could impact you long-term, even when you switch to a new provider. Here are some tips to help you avoid payment issues : Some providers specialize in insurance for drivers who have been cancelled for non-payment. Your costs will likely increase or you may need to pay in installments or upfront. It depends on the provider and your situation. If you have been cancelled we can help. Speak with one of our advisors. We work with all the companies that specialize this. So we can get you insured at the most affordable price. Getting Insurance After Being Cancelled For Non-payment
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What Happens if Your Car Insurance Gets Cancelled
Source: https://www.thinkinsure.ca/insurance-help-centre/insurance-cancelled-for-non-payment.html
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