What happens if I miss a premium payment?

If a customer misses a premium payment for their insurance policy with Escobar Insurance, several scenarios may unfold depending on the terms of the specific policy. Typically, the policyholder may enter a grace period, which is a designated timeframe during which they can still make the payment without losing coverage. This grace period often lasts around a month, but it can vary based on the policy agreement. After the grace period expires without payment, the policy may lapse. A lapsed policy means that the insurance coverage is no longer active, and the policyholder will not be protected against any potential claims until the policy is reinstated or a new policy is obtained. In some cases, Escobar Insurance might offer a reinstatement option, allowing customers to restore their policy by paying the overdue premium along with any applicable fees. It is essential for policyholders to review their specific policy terms for detailed information regarding grace periods and reinstatement procedures. For more information on how Escobar Insurance handles missed payments and what options might be available, it may be helpful to check their current website for the most accurate details.