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UPDATED: Jul 24, 2017
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Insurance Question from Conger Corners, NY
Asked on 07/24/2017
Cancellation Our insurance is set to cancel August 8, 2017. If we switch before that would there be any lapse in coverage?
Answer given on July 25, 2017
If your insurance is cancelling you can replace your insurance before or at that time. It is better to replace as of the cancellation date so there is no duplicate coverage.
You didn’t indicate why your insurance is “cancelling”. If the insurance company is cancelling your insurance coverage due to claims or other issues, you must tell your new insurance company about it and fix any issues that you can fix. If it for claims, you will find it difficult to find a replacement insurance policy. You can ask for a higher deductible to offset the claims issue, but that is not a guarantee that you can find replacement insurance. Start shopping immediately. You may need to go to a specialty insurance company for a few years. This is usually more expensive, but may be your only option. Talk to an independent insurance agent who has access to multiple insurance companies to see the best deal you can get.
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