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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 4:54 PM

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