Grace Periods on Overdue Payments

BTFuzz

Guru
100+ Post Club
What are most companies that you represent giving as a grace period on due payments? Do you have any that give 30 days or more? I know ERIE gives 30 but rumor has it that is changing.
 
I believe in Missouri it is 30 days.

I do know it is that way for Med Supps and typically a company will reinstate a policy without having to go through underwriting if back premiums are paid within 90 days.
 
Each carrier is different, a few will just roll it onto the next bill, some will cancel within 3 days, usually the sub-standard ones.
 
Every carrier we have is different. It also depends if it's a renewal payment or a mid-term payment.

For instance, Mercury gives a 0 day grace period on renewal payments assuming the insured went elsewhere. They will give you 7-10 days on mid-term payments though.

Travelers seems like they'll take a payment for years.
 
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