Grace Periods?????? On Auto Insurance???

Question

I hhave checked with several diff. insurance companies about a grace period after being cancelled, and was told that some companies have 15 ,20, and 25 days of coverage even after being canceled. Can any 1 give me some advice on this b cause the place where my car is or where it was towed said that my ins. com. told them that they would take care of the bill, and this was 10 days after my accident. I am the one that just posted the question, about my insurance. Any advice would b much appreciated,

Answer 1

I sell insurance in Florida....can't speak for all states but a "grace period" is a myth.....the only way you have one is if you are paid ahead by 10-30 days....

and while you get the chance to re instate before 30 days after cancellation, that just means to start the policy again and keep the tenure with the company...it DOES NOT mean that you get the week or two or three that you had not paid covered for free. Nothing is free in the insurance world, for example if the policy lapsed for non payment on the 10th and you had an accid ont the 15th unless you were paid ahead, in which most cases you would not have been cancelled, even if your company will re instate the policy they ARE NOT going to pay for anything that happened between midnight on the 10 up until the actual time you made a payment....most of the times you even have to sign a disclosure stating there was no damage to the car during that period and if there was the insurance company is exempt from it.

I don't think this is the answer you wanted but it is the way it is, at least in florida. I can not imagine any company just feeling bad and covering it....that just does not happen in the real world.

Answer 2

1

Answer 3

I'm a Texas Insurance Agent
Each state has it's own insurance regulations so you need to check regs. for your state
As previously stated, those grace periods are somewhat a myth.
Yes you can generallly re-instate if it's been less than 30 days.
No they will not cover a claim after the cancel date.
A few years ago Texas imposed a 10 day grace period on cancellations even when cancelled for non-payment.. In response, Most Insurers now simply make their payments due 10 days before premium expiration so the so-called 10 days grace are actually days that you have already paid for.

Answer 4

It depends on why they cancel the policy. If it is for non-payment there is about a 30 day period to reinstate - it is state regulated

That means you need to reinstate it to be covered, but if the loss was after cancellation that may not work.

If you have a good agent - not direct to company - ask them.

Answer 5

If it expires at a particular time in the present day, you're uninsured as of that 2d. additionally be conscious that throughout many states, which includes long island the place I stay, your automobile registration is likewise voided at that particular same time, so which you does not basically be using without the mandatory insurance, you will additionally be using an unregistered motor vehicle.