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TFSA contribution room calculator + MORE Mar 4th
Find out your current tax-free savings account (TFSA) contribution limit by using this calculator.
Tax-free savings account is a bit of a misnomer. While you can use it for straightforward savings, think of it more accurately as an investment holding account to store things like exchange-tr.... More »
The Best American Express® Credit Cards in Canada Oct 31st
It is a long-held belief that Amex® cards are just for the wealthy – but their current selection of cards should help to dispel that myth. From no-fee cards with low balance transfer offers, to top tier cards with VIP benefits and comprehensive travel insurance, there really is something for eve.... More »
Video: Is tenant insurance mandatory? + MORE Nov 28th
Tenant insurance is good to have. If you’re a renter, it covers the cost of replacing your personal items after theft or damage. But coverage doesn’t stop there—tenant insurance also protects you in situations where you may be liable, such as accidental property damage or a personal injury.... More »
The Canadian Dental Care Plan is now available to millions more, with coverage starting in June. Here's who's eligible + MORE Jun 1st
The dental plan, currently in its second year, will be available to many Canadians 18 and over, including their children, with eligibility based on household income, insurance and other factors..... More »
Watch: Home Insurance in Canada—what’s covered, what’s not, if premiums are rising and more + MORE Oct 11th
Planning your home insurance policy? Wondering if you should add on coverage to your existing coverage? Managing editor Lisa Hannam interviews Morgan Roberts, director of sales at RH Insurance, about what is covered with a typical home insurance policy and what’s not covered, as well as if premium.... More »
What is an Insurance Grace Period?
– ratesupermarket.ca
Life gets busy sometimes. It’s not surprising you might forget to pay your insurance premium. But what does that mean for your coverage? Some insurance is optional, but some — like auto — is mandatory. So, the last thing you want is a cancelled policy.
Thankfully, you might not need to panic. You usually have time to get caught up on your missed payment by virtue of the insurance grace period. But the late payment has repercussions, and the details of those depend on your insurance contract.
Finding the Grace Period
You can find the specific grace period for your insurance outlined in your policy. According to the Insurance Bureau of Canada, a grace period is the time after a premium is overdue during which you can pay the premium without a penalty. Your policy is not suspended, nor is it cancelled during this time.
Your Rights as a Consumer
Some kinds of insurance, like auto, are closely regulated. That gives you some rights when it comes to grace periods. In Ontario, the Auto Insurance Consumers’ Bill of Rights says you have the right to keep your policy within 30 days of one or two rejected automatic payments for non-sufficient funds…
