I don't have the money in the bank to cover an auto payment for car insurance, what will happen??

Question

I don't have the money in the bank to cover an auto payment for car insurance, what will happen??

Answer 1

Call your bank, ask for the person in charge of accounts and beg, plead and cry until he/she agrees to cover the auto payment. It will cost you an overdraft charge, which you will get anyway if the you have insufficent funds PLUS a late charge on your auto loan.

Probably worth a phone call...

Answer 2

Depending on your state, there will be certain regulations for an insurance carrier to follow prior to cancelling your policy. In CA, a carrier must notify you at least 10 days in advanced. Usually a Late Fee or NSF Fee (seems like you are referencing to auto pay-EFT), and a new bill will be sent. If this amount is not cleared within the 10 day window. Your policy will be cancelled.

After your policy cancels, most carriers give you a set amount of time from this cancellation date to be able to clear up the payment and allow for your policy to reinstate. If you pass this allowed time, you must "Rewrite" your policy, and that means starting all over.

Good luck, and I hope this helps.

Answer 3

Be frankly,It is gonna take a while to find the answer for your question.Try the resource here for reference.http://carinsurance.expertsupport.info/a...