$$$avings Tip #15
AmericanCarInsurance "Tip To Save Your Money"
8a.) Insurance "Grace Periods" (Part I).
Insurance companies email or snail mail monthly, quarterly and/or annually with specific payment due dates. A staggering number of people wait until AFTER their payment due date to start searching for better rates from another texas car insurance company. Some succeed. Most don't. Here's why...
There is no official "grace period" between the time that your payment is due and you receiving an auto-generated letter stating that your car insurance will be cancelled in 10 days (from payment due date) because of non-payment. At this point, many insurance companies will accept your payment and everything will be fine. Some won't.
The problem is... if you, willingly or out of necessity, search for insurance online and/or request quotes, your status with your current insurance is technically "cancelled" as of the date on the auto-generated letter which will put you in a totally different insurance category - uninsured - making every insurance quote you receive much higher, sometimes doubled or even tripled.
Insurance companies email or snail mail monthly, quarterly and/or annually with specific payment due dates. A staggering number of people wait until AFTER their payment due date to start searching for better rates from another texas car insurance company. Some succeed. Most don't. Here's why...
There is no official "grace period" between the time that your payment is due and you receiving an auto-generated letter stating that your car insurance will be cancelled in 10 days (from payment due date) because of non-payment. At this point, many insurance companies will accept your payment and everything will be fine. Some won't.
The problem is... if you, willingly or out of necessity, search for insurance online and/or request quotes, your status with your current insurance is technically "cancelled" as of the date on the auto-generated letter which will put you in a totally different insurance category - uninsured - making every insurance quote you receive much higher, sometimes doubled or even tripled.
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