Does a lapse in insurance immediately cause your authority to go under? Or is there a 15/30/60 day grace period?
curious because mine is just about to double with Berkshire, so I cancelled it. Will I have to get a new policy in effect immediately or do I have a little window of time to fix it?
How long before my authority is canceled/disintegrated?
Discussion in 'Flatbed Trucking Forum' started by rccarlson22, Dec 7, 2021.
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No grace period. As soon as the insurance company notifies fmcsa your authority is deactivated.
Could be 2-3 days or could be tomorrow.Lostkeys, Rideandrepair and rccarlson22 Thank this. -
Thanks for the info. It’s not at that point yet. I was just curious how long I have to shop aroundRideandrepair Thanks this. -
No there is a 30 day grace period where the insurance company will cover you, it is specified in the insurance agreement. Then the authority is deactivated. Or you can rescind the authority before it cancels, then it is easier to start again with new insurance coverage.
jsnell, Pamela1990 and Rideandrepair Thank this. -
The insurance Company’s suppose to notify you first. Usually they hold a months premium for that reason. I’ve used the grace period before, when late on a payment. They don’t blink an eye, even if it’s 2-3 weeks late. I wouldn’t let it lapse, or even cancel it, till it’s replaced. Unless there’s something that says you need to give them a notice. I wouldn’t be surprised if they need a written cancellation notice, to cancel. They should owe you some money.
jsnell Thanks this. -
Thanks everyone.
I really dread this, so many phone calls, so many times I repeat my birthday, DL #, VIN’s…Rideandrepair Thanks this. -
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And do you think they work for free?
it’s cheaper to go directBadmon Thanks this. -
They get their money from the insurance companies. So what you think you’re saving is just really being kept by the insurance company.Oxbow, rccarlson22 and beastr123 Thank this. -
That makes sense, I never thought of it that way.
I did end up going through an agent. He stuck out to me because he answers his phone every time I call within a couple rings. He also texts me way past regular hours. Hopefully it becomes a good relationship.
And he got me a policy with the same coverages I have now for about 25% less on the yearly premium.dwells40, Slowpoke KW, beastr123 and 1 other person Thank this.
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