What Happens If I Miss An Ohio Auto Insurance Payment?
If a resident doesn’t pay their auto insurance premium there is a chance that their policy may be canceled and the driver would experience a lapse in coverage. Residents of the Buckeye State who have their policy canceled because of nonpayment may also have difficulty finding an affordable insurer in the future, and may be placed in the non-standard market and considered a higher risk to insure. Luckily, residents often have multiple payment options that can help drivers avoid many of the consequences that usually accompany policy cancelation.
Being late or missing an Ohio auto insurance payment can have unfortunate results. If this happens, and the carrier decides to terminate coverage, the insurer has 10 days to notify the policyholder that their policy will be canceled. This would only give the consumer a small amount of time to find a new policy to meet the state’s financial responsibility requirements. To help find another insurer in a short amount of time, residents may want to use the Internet to compare a variety of quotes from multiple carriers. Comparing several sample rates can allow motorists to view the policy prices of multiple companies, and choose an adequately priced plan. Vehicle owners who have had their coverage canceled for nonpayment, however, may be considered at a higher risk than others, and may have some difficulty locating an insurer.
Residents who are in the nonstandard market often receive more expensive vehicle coverage than others because they are considered to be at a greater risk of being involved in an accident, missing a payment or filing a claim. Alternately, vehicle owners can usually find cheap Ohio car insurance if they are in the standard or preferred market. If an individual is unable to find an insurer despite extensive searching and quote comparisons, they may want to try getting a policy through the OH Auto Plan. This program is required by the state to find residents liability coverage that they may purchase, and can be a helpful option for many people until they can find suitable vehicle protection on their own.
To avoid missing an installment, vehicle owners in the Buckeye State may want to consider the various payment options that may be available. Often residents who purchase low down payment auto insurance typically pay for their policy in monthly installments, but this may provide more opportunities to miss or forget payments. Apart from choosing to make larger installments every three or six months, drivers may also want to consider purchasing a policy in full. Doing so may result in a discounted rate and a lower overall cost. Additionally, many individuals can take advantage of specific automatic bill pay options that may be available. Through these programs installments are automatically deducted from a predetermined account.