Cancelling Insurance

Do not assume that your insurance policy will be cancelled without any adverse actions if you simply do not pay your insurance premium.

 

By not paying insurance premium, the insurance company will cancel your policy after their stated grace time period, making your responsible for earned premium. Additionally, the carrier will most likely report your non-payment to a credit bureau therefore adversely impacting your credit score.  And it is possible that a lower credit score will negatively affect your ability to obtain “good insurance rates” in the immediate future.

 

At renewal time, if you choose to not renew your insurance policy, be certain to advise your insurance agent or insurance company that you do not intend to renew the policy. Your insurance agent will ask you to sign a cancellation form, and then your policy will be cancelled. 

 

Ask Mike, Andrea, or Mandee at Triplett Companies to ensure your policy remains in force or is properly terminated.