I Missed an Auto Insurance Payment: Here’s What to Expect
Life happens, oversights can occur, and payments sometimes get missed. If you missed a car insurance payment, don’t panic. Your policy will not be cancelled immediately. State laws require auto insurance companies to provide notice to policyholders before cancelling their coverage for nonpayment.
What Happens if I Don’t Get My Payment in on Time?
Most car insurance companies offer a grace period for late payments. If you submit your payment a few days late, it should not be a major problem. However, the grace period can vary from one provider to another. It is important to make your payment as soon as possible after you discover the oversight.
What if My Car Insurance Payment Is More Than a Few Days Late?
If the grace period has passed and your payment has still not been received, your insurance company will notify you by mail or by email before cancelling your policy. Generally, you will have between 10 and 20 days to rectify the situation by bringing your payments up to date. If you receive a notice of cancellation, contact your insurance company to find out if your auto insurance policy is still in effect.
What Should I Do if My Policy Has Been Cancelled?
If your policy has already been canceled, find out from your insurance company if you can renew it. Reinstating the same policy that was just cancelled for nonpayment will allow you to maintain continuous coverage without a lapse. To reinstate your previous policy, you will need to pay the past due balance to your insurer.
What if My Policy Cannot Be Reinstated?
You will need to purchase a new auto insurance policy as soon as possible if the insurance company will not reinstate your previous coverage. This may be more expensive, but it is nevertheless necessary. Without the minimum coverage, you cannot legally drive your vehicle.
What Are the Consequences of Not Having Auto Insurance?
Drivers are required to carry mandatory minimum auto insurance coverage in nearly every state in the U.S. If your car insurance lapses for nonpayment or any other reason, there may be financial and legal consequences, including:
- Driver’s license suspension: In many states, insurance companies are required to notify the government when drivers let their auto insurance lapse. It could mean automatic suspension of your driving privileges or your vehicle registration.
- DMV administrative fees: In some states, drivers are required to pay administrative fees to the DMV for lapses in auto insurance coverage.
- Higher auto insurance premiums: If you let your coverage lapse, even briefly, you are likely to see an increase in your auto insurance rates. Insurance companies want their policyholders to be reliable in their payments.
- Lower credit score: Failure to pay your auto insurance premiums can impact your credit score, which can affect your ability to get a loan.
If you need auto insurance, contact our agency today. We can help you find the best quote in the area for the coverage you need.
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Top 3 Business Insurance Myths
Insurance is essential in today’s economic environment. We have health insurance in case we become ill or injured. We carry auto insurance so we can legally drive and for protection in case of a crash. Businesses are no exception to the rule. If you own a business, you need the right kinds of business insurance coverage to protect it.
The following are common business insurance myths – debunked:
1. A Small Business Doesn’t Need Insurance
This statement is simply false. We live in a litigious society and a business of any size can be sued. Many small businesses are involved in litigation every year.
Business insurance is not about the size of your business property, the number of people you employ, or even your revenue. It should be based on the exposure to risk your business faces. Whether the risk is fire, theft, liability for injury, or a lawsuit based on a service or product your business provided, the right insurance coverage can help shield your company from disaster.
2. Homeowners Insurance Will Cover My Home-Based Business
If you are self-employed and work out of your home, it is important to know that your homeowners insurance will not provide adequate coverage for your home-based business. The typical homeowners policy only provides $2,500 in coverage for business equipment, as stated by the Insurance Information Institute (III). This may not be enough to cover all your business property. You may also need liability and lost income coverage, which a homeowners policy will not provide. To insure a home-based business, your options may include:
- Endorsements: Adding an endorsement to your existing homeowners policy can increase your coverage for business equipment. You can also add a homeowners liability endorsement in case a client or delivery person gets hurt on your property.
- In-home business policy: This type of policy can provide more comprehensive coverage for your home-based business. Policies can vary widely from one insurer to another. In addition to protection for your business property, most will reimburse you for loss of important records, and some will cover lost income from business interruption. Generally, these policies provide broader liability coverage with higher limits.
- Businessowners policy (BOP): This type of policy is designed for small to mid-sized businesses. It is a good choice if your home-based business operates in more than one location. A typical BOP will cover business property and equipment, liability, loss of income, and extra expenses, on a much broader scale than an in-home business policy.
3. Business Insurance Is Too Expensive
Business insurance is not free, but it is necessary to operate a business. It is not cost-effective to cut corners in a way that leaves your business exposed to serious risk. Small businesses are sued every day for a variety of reasons. The cost of your business insurance will depend on several factors, including your size, your location, and the types of services or products you provide.
Our agents have extensive experience with business insurance policies. We can help you get the coverage you need at the best available rates.
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If You Blog, You May Need Professional Liability Insurance
Every business is advised to have a blog, but does this come with risks? Surprisingly, yes. A blog may mention a specific company, competitor, or include claims regarding results, and under the right conditions, could lead to a lawsuit. Companies that make promises about what they can achieve can be at high risk. What if the advice is taken, with no result, or a bad result? Business liability insurance covers the business against the risk of an accusation of false advertising.
Business Blogging and Liability
Blogs are among the most popular ways people get information, but a business blog comes with some risks. The types of issues that may arise related to a business blog include:
- Claims of libel: If a blog mentions a competitor or a product, it can trigger a lawsuit by the named person or manufacturer who accused you of libel.
- Claims of invasion of privacy: Posting images is always a good idea, but you must ensure the person in the image approves the publication of an image.
- Securities fraud: A company that promotes themselves through a blog must be very careful with the words used, or may be subject to scrutiny and legal problems from the SEC.
- False advertising claims: If you promote your product, company, or services in a blog, and a consumer claims the blog presented false information or the product did not perform as described, you may be facing a false advertising claim.
- Defamation claims: A person mentioned in the blog may take offense to what is written and file a defamation lawsuit against you.
Blog for a Living? Get Covered with Liability Insurance.
If you are a blogger and are busy monetizing your activity, attracting followers, and watching your dream come true, it can turn into a nightmare when someone takes offense to your words. To protect against the cost of defending the lawsuit, putting a liability insurance policy in place can save you from a total financial disaster.
Whether you write a business blog, personal finance blog, interior design blog, news blog, political blog, or a benign blog such as a mommy blog or food blog, you need insurance to protect you against the significant losses if a lawsuit or claim is filed against you. Whether the accusation is true or false, you still need an attorney to defend against the accusations. That’s when your liability insurance can be a lifesaver.
What is Business Liability Insurance?
Business liability insurance protects against claims for personal injury, property damage, advertising injuries such as errors or misstatements. It also protects you against the losses from bodily injuries, libel, and slander. Gossipy blogs may be fun to read, but an individual mentioned may not appreciate any shared, incorrect news they claim has damaged reputation. General liability insurance pays for your defense costs if a lawsuit is filed against you, as well as pays out on judgments up to policy limits.
Choose the Best Blogger Liability Insurance
Get help from a local agent to select the policy that will best suit your blogging activity. It is advised that you seek the help of a professional in the insurance industry to guide you to a policy with the highest limits at the lowest cost, from a reputable insurance provider.
What Steps Should I Take When in an Auto Accident?
A vehicle accident is a shock, even if it is just a minor fender-bender. The impact of the crash causes serious damage to the vehicle, or causes injuries to the driver and passengers. After an accident, taking certain steps can help you file a claim with your personal insurance policy to cover lost income from work, medical expenses, and other losses.
- Step One: Injuries? Call 911.
Thoroughly check yourself and your passengers for injuries. If anyone in your vehicle is injured, call 911 at once so that emergency services can be dispatched to the accident site. - Step Two: Move to a Safe Location.
In a minor collision, move your vehicle to the side of the road to avoid the risk of another collision. If the accident is more serious, leave the vehicle in place and get to the side of the road or sidewalk if possible. - Step Three: Stay Calm, Wait for Help.
It may take some time for emergency services or law enforcement to arrive. Stay calm and provide basic care to the injured, applying pressure with a piece of clothing to bleeding wounds. - Step Four: Exchange Information.
Exchange insurance information with other drivers in the auto accident. Do not discuss who was at fault, or what happened. - Step Five: Take Pictures.
Use your phone to take pictures of the vehicles, skid marks on the road, license plates, and your injuries. These images can be critical as evidence when filing a claim. - Step Six: Get Contact Information from Eyewitnesses.
Get the contact information (name, address, phone number) of any witnesses to the collision who have stopped to render aid. - Step Seven: Undergo a Full Medical Evaluation.
The adrenaline released into your system in an auto accident suppresses the sensation of pain. You may feel you are fine, but in a day or two, could suffer the effects of the collision, suffering intense pain, severe bruising, or worse. Tell the medical professional attending you that you were in an auto accident, so the information is entered on your chart and the right tests are performed.
Recovering from an Auto Accident and Your Personal Insurance Policy
Recovering from injuries from an auto accident can be a lengthy and painful process. While you have the right to be compensated by the auto insurance company of the responsible driver, the amount paid in a settlement may be far less than you need, particularly when the injuries affect your ability to work and earn a living. That when your personal insurance can be a lifesaver.
Personal Insurance and Auto Accidents
The driver responsible for the collision may have the minimum limits on their insurance, or in some cases the driver is uninsured, or leaves the scene, never to be found. Your personal insurance policy can provide you with the finances you need during your recovery. Personal insurance, or “personal injury protection,” (PIP), provides coverage for the cost of medical bills, lost wages, and other losses after a car accident.
No-Fault Personal Insurance
These policies have the advantage of providing coverage no matter who was at fault. If you were a passenger in an auto accident and have personal insurance, your medical bills and other losses are likely covered, based on the terms of the policy.
Need Help?
If you do not currently have personal insurance, or you would like to find a better policy, meet with one of our local insurance agents.