What Happens When I Can’t Pay My Car Insurance Premium?
If you see you are not going to be able to pay your car insurance premium, talk to your agent. He or she might be able to help.
Car Insurance Is Time Sensitive
Unlike car payments, house payments, and other payments we are all used to, with car insurance there is no grace period. When it’s over, it’s over. If your insurance costs $500 a year, and if you pay on an annual basis, then your automobile policy will state from what date to what date it is in effect. At midnight on the end date that policy will expire. If you pay semi annually, then the policy will expire at midnight on the sixth month date. In rare cases you might be paying month to month for your auto insurance. If so, your policy is only good for one month at a time. The point is you should have enough time to take some action before the end date of your policy so you will not be without automobile insurance. In most states it is illegal to drive a vehicle that does not have insurance. So don’t just sit around and let it expire. Take some action. Talk to someone.
What Will My agent Do
In these difficult financial times your agent is well aware that people are faced with money problems. If you talk to him or her before your policy expires, he or she might be able to help. There’s the possibility of reduced coverage for your vehicle, or perhaps a higher deductible which lowers the premium, or perhaps removing a teenager from your coverage. Just talk to your agent.
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