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As a result of misplacing a bill from my insurance company, I ended up paying a bill more than a week past the due date. As things go, my kid dropped a toy on a neigbor's car from the balcony that very week and I have to make a claim. My worry is that I might not be covered for that period of time because I hadn't paid my premium. Is this a valid concern?
Hi there,
When you fail to pay a premium by the due date, you will normally receive at least one payment reminder. Eventually, you will receive a warning along with a payment ultimatum (normally at least 14 days). Only if you do not meet this payment ultimatum do you lose your insurance coverage. You remain covered by your insurance up until that point.
If you made your payment before receiving this ultimatum or at the latest before the final payment due date, your insurance should not be impacted and you should be able to file claims for covered incidents which occured during that period.
Best regards from Moneyguru
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