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Due to financial difficulties, I sent my insurance payment a few days late and the policy was canceled. My company did not notify me that the policy was canceled; they just sent my check back. Isn’t there a grace period during which the company must accept the payment?
There is no “grace period” for policies that have lapsed or terminated. Under current regulations, companies must provide notice of payment due dates according to what type of payment is due. Renewal offers must be mailed 30 days prior to the due date. A cancellation notice for nonpayment of premium must be mailed at least 15 days prior to the expiration of the policy. If you do not pay your renewal premium or the premium due amount on a notice of cancellation by the date specified, the company is not required to once again tell you the coverage has lapsed, nor to offer to reinstate your policy. While insurance laws require that an insurer must be able to provide proof that a notification was mailed to the address where you have told them you reside, they are not required to mail any notice “certified” or “return receipt” and are under no obligation to ensure that these notices are received.
Why do insurers charge young males more than young females?
Insurance rates are based on statistics and probability. Historically, statistics have shown that, while males as a group have only a slightly higher percentage of accidents and violations than females, accidents involving youthful male drivers cause substantially higher amounts of damage and cost the insurance companies considerably more in claim settlement costs than accidents involving youthful females. Therefore, insurance companies are permitted to set rates based on the overall risk of the policy being written.
My son has received his driver’s license and our family now has two cars and three drivers. My son is listed as an operator of my car on our insurance policy, but my son is not allowed to drive my car; he uses his mother’s car. How can I remove him from the rating of my vehicle?
The Named Driver Exclusion endorsement is available for the Comprehensive and Collision portion of Standard policies. This endorsement allows certain licensed drivers within the household to be excluded from the rating of comprehensive and collision costs of a particular vehicle on the policy. If you own vehicles that your child(ren) does not operate, this may help save premium dollars. However, it should be remembered that if the excluded driver does, for any reason, even in an emergency, operate that vehicle there would be no coverage afforded for repair to the vehicle in the event of an accident.
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