insurance payments

[LiquidK]

so i missed an insurance payment for the first time, just totally slipped my mind that i had to shift money into that account
what will happen, ive only been driving 6 months, could they possibly cancel my contract?

[Masked Bandit]

GENERALLY speaking, there will probably be some sort of allowance for this but I strongly recommend you call your broker first thing this morning. I have seen companies cancel for non-payment on the very first NSF.

On the bright side though, if you do get dumped for non-payment, it won't affect your actual base price anymore, just your payment options. Back in the day (pre-2004) a cancellation could drop you from a decent company/price into the high risk (expensive) companies like Kingsway or Nordic. Thank gawd that bullshit is over.

[sr20s14zenki]

^^^ Yep, what will happen now IF they choose, is they will no longer allow you a monthly payment option, and instead make you pay yearly, or pay a 3 pay plan, meaning, 40%, 30%, 30%.


Sometimes they aren't so mean about it, sometimes they are.

Make sure the money is in there right now, sometimes they will go back in. As it stands right now, you will most likely get charged an NSF fee.

[tom_9109]

The company I am with will let you miss one. they try to take it out 2 days later. If you miss the second try they cancel you and you have to make an arrangement with them.

[Masked Bandit]

So, what happened when you talked to your guy this morning?