Chelsey Tucker graduated with a Bachelor of History degree from Metropolitan State University in 2019. She now writes about insurance with her specialty being life insurance and has been quoted on Help Smart Phone and MEL Magazine.

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Dan Walker graduated with a BS in Administrative Management in 2005 and has been working in his family’s insurance agency, FCI Agency, for 15 years. He is licensed as an agent to write property and casualty insurance, including home, auto, umbrella, and dwelling fire insurance. He’s also been featured on sites like Reviews.com.

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Reviewed by Daniel Walker
Licensed Auto Insurance Agent

UPDATED: Mar 19, 2020

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The lowdown...

  • Some insurance companies do offer a grace period that will allow you to pay your premium late
  • There may be a penalty for late payments
  • Failing to make your payment before the grace period ends could result in the termination of your policy

Maintaining car insurance on your vehicle is absolutely vital for the responsible motorist. When you have automobile insurance, you have the peace of mind that comes with knowing that if something happens, you can uphold your end of the financial bargain.

However, you may have hit a rough patch and could be having a difficult time coming up with your premium.

You’re worried that if you don’t pay the bill before the due date that your coverage will be canceled. Use this information to learn more about whether or not you can pay your insurance premium late.

Get the best price possible on your car insurance. Use our free comparison tool today to get started!

Your Insurance Company May Offer A Grace Period

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The good news is that some insurance companies offer a grace period.

A grace period is essentially a time of reprieve during which you are still covered under your insurance policy even though you haven’t made the payment yet.

This can give you a bit of extra time to get the money together, without having to live in a constant state of agitation about the state of your policy.

There really is no standard time frame for grace periods. It truly depends on your carrier. That’s why it’s so important for you to contact your insurer to find out the rules governing their grace period. You want to ask about a few points:

  • How long is the grace period?
  • When is my payment officially considered to be late?
  • Is there a late payment fee?
  • When does the grace period officially end?
  • If my policy is canceled, is there a reinstatement fee?

These are all incredibly pertinent questions that you should make sure you get clear answers to. Also, it’s always a good practice to ask these questions of any insurance company before you get a policy. This arms you with the information you need to make a smart decision.

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Be Prepared to Pay A Late Fee

The next thing you want to do is be prepared to possibly pay a late fee. This is key, because you may only have enough to take care of the premium itself, and can’t afford a single extra penny.

If you find yourself having a hard time coming up with your insurance premium for consecutive months, you may want to contact your insurer to find out if it’s possible for you to change your due date. This way, you can avoid any penalty or late fees.

Don’t Forget to Make Your Payment Before the Grace Period Ends

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The most important thing to remember is to make the payment before the grace period ends. Once you find out how long the grace period is, make it a point to take care of the payment before the period is up. This is the key to helping you avoid a costly lapse in your insurance.

Letting your insurance policy lapse can be dangerous for several reasons. Not only does it leave you open to a costly liability responsibility if you get into an accident, but letting your insurance lapse could also make it more difficult for you to acquire another policy.

Insurers sometimes see it as a higher risk when motorists are willing to drive around without insurance for any length of time. Don’t let this be you.

Insurance companies understand that people sometimes land on hard times. The key is to communicate with them so you’ll know how to proceed.

When you’re planning to be late paying your insurance premium, remember these tips so you can find out if a late payment is acceptable to your carrier.

Also, stop overpaying for car insurance! Use our free comparison tool today to find the best deal for your needs.