how many days before a policy is cancl
can it be restarted again in 7 days
Total Comments: 4
Posted: Sat May 22, 2010 07:14 am Post Subject:
Hi..if I were in your place I'd go through the actual papers to see if my policy offers any guarantees or protections. You may also call your carrier and inquire about a possibility to get your policy reinstated.
Posted: Sat May 22, 2010 12:26 pm Post Subject:
Assuming you are talking about auto policys...I've NEVER seen one with a 'grace' period. If you don't pay when due, you have no coverage. That being said, I have seen policys reinstated without a lapse in coverage on late payments within ten days of due date. HOWEVER, the carrier is not required to do so. I've more often seen a late payment cause a policy to be reinstated WITH a lapse in coverage. This is 'state' and 'company' dependent.
Hopefully OP you didn't not have a claim when you allowed your policy to lapse.
Read your policy, it will plainly state this condition.
Gotta ask...why are you asking? what happened?[/list]
Posted: Mon May 24, 2010 02:13 pm Post Subject:
The cancelation procedure and practice varies by company and state. Some states mandate a legal notice of cancelation be sent to the insured 10 days prior to their policy canceling. Some companies combine their billing notice and cancelation notice into one document. In the even of a bill/cancel the policy will cancel the day that the payment is not received. Reinstatement policies also vary quite a bit, some companies will reinstate with or without a lapse in coverage, some ,with a lapse, as many as 45 days after the policy cancels to cut down on rewrite paperwork. It all depends on your company and state, check with your agent to see how your policy works.
Posted: Mon May 24, 2010 07:24 pm Post Subject:
Chances are it will go this way....no claim, reinstated withOUT a lapse in coverage....claim, reinstated WITH a lapse in coverage.. :roll: :wink:
Posted: Sat May 22, 2010 07:14 am Post Subject:
Hi..if I were in your place I'd go through the actual papers to see if my policy offers any guarantees or protections. You may also call your carrier and inquire about a possibility to get your policy reinstated.
Posted: Sat May 22, 2010 12:26 pm Post Subject:
Assuming you are talking about auto policys...I've NEVER seen one with a 'grace' period. If you don't pay when due, you have no coverage. That being said, I have seen policys reinstated without a lapse in coverage on late payments within ten days of due date. HOWEVER, the carrier is not required to do so. I've more often seen a late payment cause a policy to be reinstated WITH a lapse in coverage. This is 'state' and 'company' dependent.
Hopefully OP you didn't not have a claim when you allowed your policy to lapse.
Read your policy, it will plainly state this condition.
Gotta ask...why are you asking? what happened?[/list]
Posted: Mon May 24, 2010 02:13 pm Post Subject:
The cancelation procedure and practice varies by company and state. Some states mandate a legal notice of cancelation be sent to the insured 10 days prior to their policy canceling. Some companies combine their billing notice and cancelation notice into one document. In the even of a bill/cancel the policy will cancel the day that the payment is not received. Reinstatement policies also vary quite a bit, some companies will reinstate with or without a lapse in coverage, some ,with a lapse, as many as 45 days after the policy cancels to cut down on rewrite paperwork. It all depends on your company and state, check with your agent to see how your policy works.
Posted: Mon May 24, 2010 07:24 pm Post Subject:
Chances are it will go this way....no claim, reinstated withOUT a lapse in coverage....claim, reinstated WITH a lapse in coverage.. :roll: :wink:
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