Introduction
Missing insurance payments can have serious consequences, including cancellation. Here’s what Ontario policyholders need to know.
What Happens After Missed Payments?
Insurers typically provide a grace period, but after that, your policy may be cancelled. Without coverage, you’re exposed to financial risk and legal penalties (for auto insurance).
Consequences of Cancellation
- Difficulty obtaining new insurance
- Higher premiums due to “lapse” in coverage
- Possible legal fines if driving uninsured
Tips to Stay Covered
- Set up automatic payments or reminders
- Contact your broker immediately if you face financial difficulties
- Explore payment plans or adjustments if needed
Conclusion
Never let payments slip unnoticed. Talk to Garitas Insurance if you’re having trouble.
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