What Happens If Insurance Premium Is Not Paid?
If you don’t make your insurance premium payments on time, you could face several consequences, such as:
|Type of Insurance||Consequences of Missed Payments|
|Health Insurance||Your policy may lapse, and you could lose coverage. If you have a plan purchased through the marketplace, you have a 90-day grace period before your policy is terminated.|
|Homeowners Insurance||Your lender may pay your premium and charge you for it or require you to pay it yourself. If you don’t make your payments, your policy may lapse, and your lender may purchase a more expensive policy for you.|
|Auto Insurance||Your policy may lapse, and you could face fines, fees, and legal consequences. You may also have difficulty obtaining coverage in the future.|
If you miss your premium payment, your outstanding balance may be sent to collections, which could hurt your credit score. Collection accounts stay on your credit report for seven years. Additionally, if you let your policy lapse, you may face difficulty obtaining coverage in the future, and your rates may be higher.
If you’re struggling to make your premium payments, consider reaching out to your insurer to discuss your options. You may be able to negotiate a payment plan or switch to a cheaper policy. It’s important to keep up with your insurance premiums to avoid negative consequences.
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