Cancelation

[lostdriver]

My commercial insurance policy is going to cancel on the 20th of January, I was in an accident last week. My question is i owe 3700 dollars in order to reinstate the policy, Will my vehicle still be covered even though i am late?? Also what will happen if i send them a check that may bounce?? Will they accept the check and reinstate (not cancel) the policy then realize it has bounced and go back and cancel the insurance on the 20th anyway??? I am not a crook, I just planned on paying insurance.... until i crashed the truck which is my living!

 

[Josh]

The premiums have to be paid as of the time of the claim. If the accident was a week ago and hte policy isn't cancelled until the 20th then you're not going to have a problem with them paying the claim.

I would not pay with a check you know will bounce.

 

[lostdriver]

I am just in a total mess!!!! I could not believe i crashed at a time when money is so tight. The check would possibly bounce......i just need about a week after the 20th to get the money to them. I am debating on just canceling the insurance before they cancel me. what do you think? Would that be the better of two evils??

 

[Josh]

If the truck is damaged and undriveable, there likely isn't much reason to keep it, or at least lower the limits. You should call your agent and explain the situation. There are some problems that happen if you have a gap in coverage so that's a concern, but if money is tight and the policy is covering something that isn't being used, maybe at least dropping your liability limits (****ONLY IF YOU"RE NOT DRIVING IT*****). Not every carrier will do that, but it would significantly lower the premium.

 

[blue_wynd]

My commercial insurance policy is going to cancel on the 20th of January, I was in an accident last week. My question is i owe 3700 dollars in order to reinstate the policy, Will my vehicle still be covered even though i am late?? Also what will happen if i send them a check that may bounce?? Will they accept the check and reinstate (not cancel) the policy then realize it has bounced and go back and cancel the insurance on the 20th anyway??? I am not a crook, I just planned on paying insurance.... until i crashed the truck which is my living!

Are you already on a monthly payment plan? If not, call them to see if you can do installments so you don't have to paid the 3700 at one time. So you paid the monthly amount to keep your insurance current, get your car fixed or at least have one month to get another car before making another payment.

 

[Aram Fingal]

One thing to consider, and this probably varies from state to state... but if that money was for the renewal of the policy, and you didn't pay it, the policy may be cancelled flat which would mean no coverage after the renewal date, which may actually be earlier than the 20th even though they don't process it until the 20th.

 

[b61mack]

Are you talking about an over the road, 18 wheeler with filings?. Coverage is not the problem. But a call to the insurance agency is something you must do. They will be helpful to you. How much damage is done to the truck? do you have full coverage? Who's fault was the accident.?