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It lapses which means it cancels. Most insurances will do this after 30 days of unpaid premiums but some can be as quick as 1 day late (cobra) and some allow up to 90 days (Aflac). If a policy lapses, you might have reinstatement or reactivation provisions. Reinstatement is where they will activate the policy with lapse in coverage and Reactivation is where they will activate the policy without lapse in coverage by accepting payment for back premium. Ask about both and your options.
If it is a term policy, it will lapse;
If it is any type of a cash value policy, the premium will be taken (in most cases automatically) from the cash value. If the cash value is not sufficient, the policy will lapse.
Before any of this happens though, the insurance company you are with will send you a notice that will tell you exactly how much you need to pay and by what date in order to keep the policy in force.
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What happens when you pay off an auto loan?
the bank cant come and steal it. but the insurance company can if you dont pay that
What happens if a car hits a tree will insurance pay?
Yes your insurance will pay for it because if you have good insurance it will pay for it
What happens if you have no insurance and you totaled your car?
you will have to pay a debt and GET CAR INSURANCE
Do you have to pay to get national insurance number am an overseas?
no you dont :)
Why do people need insurance?
So in case they get into an accident their insurance can pay for the damage. -becuase if you dont have insurens on your house and i burns down in a fire, you have to pay for it all by yourself. if you get in a car reck or if someone totals your car, you have to pay for the dammage. with ensurance you pay a monthly fee and if something like that happens your covered.
Do pro football players have to pay there own insurance?
no they dont
What happens if you get into a motorcycle accident and you dont have insurance and its your fault in Florida?
You are responsible for the damage you cause in an accident, regardless if you are insured or not. Having insurance transfers your responsibility to pay for the damage from you to your insurance company. If there are injuries to the other party, then the other party's insurance should pay for their injuries, but you are still responsible for the property damage you have caused the other person.
What happens if you dont pay your taxes?
You go to jail
If a tractor trailer backs into you at a stop sign what happens if you dont have insurance and he admits to being at fault?
Get the driver of the truck to pay for your damage. If he refuses you may have to take legal action.
What happens when you get a ticket for no insurance?
you should probably pay the ticket and get some insurance--or you'd get in some trouble...:(
What happens if someone hits your car with no insurance but you got no fault insurance?
you pay alot of money stupid
What happens if you pay your car loan so it doesnt get repossessed but you dont have insurance?
Your car finance company will add their own insurance that covers their vehicle, but not your liability. ANd it will significantly increase your payments. It would be so much cheaper and better protection for you to find your own insurance. Park it until you get insurance.
