Insurance policy getting you down? There are always sound insurance alternatives.
On October 20, 2019, Scotiabank identified a technical error where legitimate charges on certain customers’ credit card statements were mislabeled as “BNS Scotia Life Insurance.” The mistaken charges all took place between October 18 and 20. Many customers were angry and took to.... More »
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 »
With the wrong rubber on cold, wet, snowy or icy roads, you’re not only risking life and limb, you’re playing with financial fire, say experts..... More »
If your children live at home and will drive your car, even occasionally, your insurance company will consider them “occasional drivers” and will add them to your auto insurance policy. The rule also applies to others living in your household, including relatives and roommates. When sho.... More »
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…