Help!! I screwed up-Insurance

[Jerry Olexa]

Discovered yesterday (a little late)our annual premiums for both autos and home coverage were due 5/28. The agency I had been with for 20 years had usually paid it for us and we reimbursed them when convenient within the next 30days. Now for first time we are dealing direct w the company. So , yesterday (5/27)on way to a cookout, I put a check in mail for full amount and took to post office. We got there @ 4:15PM and sign in inner PO bldg says they close @ 4Pm but would be post marked next day! Being a holiday, Its uncertain to me whether they remain open, etc. My questions are:
1. Does expire on 5/28 mean 001AM or 1159PM or?
2. Is there a grace period? (15 or 30Days)for policy renewal
3. Do post office continue to operate through a holiday weekend?
LOML is concerned as we are invited to another family gathering today 20 miles away and We're wondering if we're insured?? Hope there are some insurance gurus out there..Thanks in advance. Nervous in Illinois,

[Dwayne Payne]

I have known postal workers through the years and from what I understand it does run through the Holidays. You just do not get home delivery. As far as insurance goes I pay each month, when I send the June payment it is acctually for insurance in July. One month ahead, I would think that you have something like that yourself. I would not worry about it. go ahead and have a good time.

Dwayne

[Michael Cody]

I wouldn't sweat it, since there is nothing you can do about it anyway right? Typically there is 15 day or so grace period before cancellation.. no guarantee, however I suspect that will be the case. Postmark will probably be on the next day from when you sent it... don't think that will matter.

That said, the problem is it will still take 2-5 days to get to the insurance company and a while to get posted. If you haven't sent it, then I would just call then on Tuesday and pay by cc over the phone or overnight the check..

[Scott Donley]

Jerry, My insurance co. ( USAA ) is open 24/7 by phone. Is there a # you might call to verify your status ? States vary on laws about grace periods. If I were you I would confirm with your company if possable. Some company's spend a lot of money just to get out of paying claims.

[Jerry Olexa]

Jerry, My insurance co. ( USAA ) is open 24/7 by phone. Is there a # you might call to verify your status ? States vary on laws about grace periods. If I were you I would confirm with your company if possable. Some company's spend a lot of money just to get out of paying claims.

I called (Cincinnati Insurance Co) and they have no way to leave message on weekend. So off website, sent Email to Corporate explaining issue.(prob take them 5 days to read it) Also left message @ my agent in Ohio detailing the concern. Oh well, couple anxious days ahead.. I'll be on phone Tues AM w CC in hand if needed.

[Jerry Olexa]

You can reach me in jail after Tuesday..:) :D ;)

[Ken Garlock]

You can reach me in jail after Tuesday..:) :D ;)

Only if you get stopped by the constabulary. :eek: Does Ill. have a 'proof of insurance' card you carry with you?

[Jerry Olexa]

Only if you get stopped by the constabulary. :eek: Does Ill. have a 'proof of insurance' card you carry with you?

Yes, Ins co sent up those along with the bill. So at least we have those. Thanks, Ken.

[Wes Bischel]

Jerry,

This may seem odd to say, but - Thank You. Thank you for being concerned about something like this. These days too many people don't care - whether they are covered or not - it's always "the other guys problem."

Oh, and I'm not in the insurance business either, just someone who has had to deal with it in the past.:rolleyes:

Wes

[Steve Clardy]

Mines got a 20 grace period. After that, they cancel you out.

[Larry Klaaren]

I have Cincinatti myself. I had one get there late, and they sent a letter telling me they hadn't received a payment. There was a ten day or so grace period and I believe they send a registered letter before they cancel you out, so you aren't actually uninsured at that point. I don't think they can just drop you and contribute to an uninsured driver situation. If you have your policy, see what it says.

If they do yours like mine your proof of insurance card ends on the tenth of the month, I think that's the critical day.

Larry

[Jim Becker]

Jerry, didn't they have a way to pay directly online??

[Jerry Olexa]

Jerry, didn't they have a way to pay directly online??

No, Website pretty restrictive. I sent them an Email. I'll know tommorrow AM. Should be OK I trust. I have to get over to Rockler and buy some hardware. Thanks..

[Larry Klaaren]

You're fine as long as the check is in the mail before your accident:eek:.

BTW - That time I was late I tried to pay Cincinatti through the agent, on the website, by transfer etc. They take checks by mail, that's about it.

Larry

[Jerry Olexa]

You're fine as long as the check is in the mail before your accident:eek:.

BTW - That time I was late I tried to pay Cincinatti through the agent, on the website, by transfer etc. They take checks by mail, that's about it.

Larry

Larry You're right operating like the 70's. Good co. though I think,

[Jerry Olexa]

Today At 830AM, my agent in Ohio called and said all OK. I would have continuing coverage. They'll (cinc Ins)send me a letter saying expires on 6/15 if not paid and then I'll get a 2nd letter saying they recd my $ a few days later.

Secondly, Corporate answered my email this AM and gave me contact numbers, etc and Assured me a rep of co would call me in 2 days. She just called now as I'm typing this and gave me billing depts secret number..and further assured me.

The irony of it all is that my check for the $ needed is probably sitting in the Cinc PO ready to be delivered today..

Anyhow, it looks OK. Much ado over nothing..:) Thanks for your input guys..Think I'll go out and have a crash:D

[Larry Klaaren]

Larry You're right operating like the 70's. Good co. though I think,

I think I heard that they minimize expenses by not accepting credit card payments. Mastercard and Visa etc., take a chunk if you use them.

So why don't you post that secret number in case any of the rest of us need it?

Larry

[Jim Becker]

I think I heard that they minimize expenses by not accepting credit card payments. Mastercard and Visa etc., take a chunk if you use them.
True, but most businesses today have built that into their cost structure and rates. With Progressive/Drive, I get a substantial additional discount for paying in full...and I do that "last minute", online with a CC. I'm talking about something in the neighborhood of $150 each six months for paying that way. Yes, it's available with a check, too...I just don't use checks anymore unless I'm forced to.

[Cliff Rohrabacher]

There is almost always a 30 day period in which to pay insurance. It's scuh a highly regulated industry I'll bet those grace periods are almost universal in all 50 states.

[Larry Klaaren]

True, but most businesses today have built that into their cost structure and rates. With Progressive/Drive, I get a substantial additional discount for paying in full...and I do that "last minute", online with a CC. I'm talking about something in the neighborhood of $150 each six months for paying that way. Yes, it's available with a check, too...I just don't use checks anymore unless I'm forced to.

The idea was (according to the agent) that Cincinatti does not have to build those charges into their costs and can offer their insurance for about five per cent or so less for equivalent insurance. Cincinatti does the opposite, they have some fees they charge if you don't pay in full on an annual basis. I checked them out various ways and they are rated highly by consumer groups, and they have treated me very well.

Larry

[Ian Barley]

Jerry - glad it all worked out.

As to the "paying by CC" aspect. I take card payments for my products and , yes, I pay a commission to the merchant servicer for the privilege and , yes, I have built that into my costs. But I would also pay a charge to my bank if I was depositing cash or cheque and would have to have all the other expenses (security and admin) that go with taking cash and cheques. In fact taking a CC payment is cheaper for me than taking a cash payment and taking a cheque is only significantly cheaper on a larger than average transaction. This is not to say that the same applies to all businesses but it is dangerous to assume that taking payment by card is always more expensive.