What If I can’t Pay My Insurance Premiums?
During this time of COVID-19 challenges, one of the most difficult is when
you can’t pay your bills because of loss of income. Now is a stressful time
and we’re all worried about getting sick or having a family member get sick.
We don’t need the added anxiety of being unable to pay the monthly bills.
Governor Murphy of NJ has signed an executive order allowing for an extended grace period for payment of some NJ insurance premiums due to COVID-19 related loss of income.
Bogle Agency Insurance wants policyholders to know they will have more time to pay insurance premiums in NJ due to COVID-19.
” What happens if I can’t pay my insurance premiums?
Governor Murphy has signed an executive order extending the grace period for
residents unable to pay their insurance premiums because of a loss of income
or other negative impact as a result of the COVID-19 emergency.
The Governor’s order require a minimum 60-day grace period for health and dental insurance policies, and 90-days grace for home and auto insurance, renters insurance, life insurance, and for insurance premium-financing arrangements among others.
Additionally, this order makes clear that all claims covered by the insurance
policy must be paid out to those who are within these grace periods. In addition,
insurers cannot demand repayment of unpaid premiums in a lump sum at the end of the grace period, but rather they must spread these back-payments out over the remainder of the insurance term.
Finally, insurers are required to provide each policyholder with an easily
readable written description of the terms of the extended grace period.
More information will be available when the Executive Order is published.
Source: Executive Order 123 “
Seek Additional Information Regarding Premiums
Bogle Agency Insurance can be accessed remotely or by phone and stands ready to
answer any and all questions about insurance policies and premium payments. We
are also able to offer expert advice regarding any other concerns you may have
about insurance. Please call us at (201) 939-1076 for a consultation.