It is easy to forget things in life like an ingredient for dinner after you just got home from the store or to take out the trash on garbage day, but one thing that is a bad idea to forget is paying your insurance premium on time. Brazelton Insurance Group, as well as many home, auto, and PC policies don’t give a grace period and just one lapse could cost you. Even turning in your bill one day late your insurance company can decide to decline the payment and has the right to immediately cancel your insurance policy.
One way to avoid a lapse in payment is to have an automatic withdrawal from your bank account. That way it is impossible to be late because they take out money before the due date. Experiencing a lapse in your insurance can cause you to be placed in a higher risk bracket, whether it was an intentional lapse or not. After reapplying for insurance rates are usually increase drastically for the same coverage. As most people’s luck goes, once you are uninsured, an accident is most likely going to happen. Out of pocket costs for auto insurance could be very overwhelming after being in an accident, especially if it is your fault.
In order to prevent a policy lapse and avoid damageable long-term consequences, having a set schedule and sticking to it is a good idea. Set up email reminders for any bill payments that may be due soon and try to stick to a budget that allows you to pay your policy. It’s a simple concept, if you don’t pay your insurance bill; you are not going to maintain the proper coverage and affordable rates. And the alternative is not what you want either.
Brazelton Insurance Group can help you create realistic goals and a budget that fits your home insurance, life insurance, auto insurance and business insurance needs. Contact Brazelton Insurance Group today to prevent an insurance policy lapse.