We don’t blame you if you were one of the many millennials who literally forgot to pay their insurance premiums
last year. Frankly, the industry needs to do a better job of making sure that doesn’t happen to you. And that’s part of our mission here at T&T.
According to a study by Invoice Cloud, fully 20% of millennials missed an insurance payment in the past year–and a quarter of those who did said it was because they had simply forgotten the bill was due! It’s an easy mistake to make, but here’s what you should know if it’s happened to you.
If you accidentally skip a payment, your insurance company might cancel or non-renew your policy. And if that happens, you could end up with a lapse in coverage–a major red flag. It means when you go to get coverage from someone else in the future, they might jack up your rates or turn you down because that’s now on your record.
If this has happened to you, don’t fret–let us know, and we can help you deal with it. If you want to prevent this from happening, try setting up autopay for your premiums, or even paying the premium for the whole year up front, if you can.
And fortunately, technology is coming to the rescue. Whether it’s email reminders, mobile app alerts, or text messages, forgetting to pay will quickly become a thing of the past–especially if you’re one of our customers.