NSF Cancellation

by SYED Z
(BRAMPTON)

How long a NSF cancellation stays on the record?

Does NSF cancellation is subject to increase the rates on re-issue of policy?
What is the impact of NSF cancellation on car insurance rates and for how long.


My car insurance policy was cancelled on 13/8/2009 due to NSF, was not aware or informed by insurance company, fact revealed by bank statement that premium was not paid. Called the insurance company was informed that they have cancelled the policy have hot discussion with them. Company did not restored the existing policy but issued a new policy on 21/8/2009, and have increased the rates from 110.00PM to 196PM. (The Personal Insurance)
Have six star rating and no at fault accident in past years.

Left the (The Personal) company in 2010 and joined another company (Allstate) with some what less premium (but their rates also reflect the high rates due to NSF cancellation with previous company). What are the rules of NSF cancellation and impact on consumer and for how long.

I have tried FSCO to get an answer from their web site, but, It was not helpful, most of the pages are not responsive display(Error 500).
please advise.
Thanks

NSF and Ontario Auto Insurance Rates


Hi Syed

Insurers can charge higher rates if you have been cancelled for non payment. For how long and how much depends on their underwriting rules. You'll need to keep your payments up and shop around to get better rates.

Please be sure to discuss this further with a licensed insurance representative. Oh, and by the way, are your rates too high? Check here:

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Note: Always speak with a licensed insurance professional about your specific situation. This insurance information is general in nature and the policy wordings always take precedence. It is possible that there are errors and omissions in this website and www.canada-insurance-source.com, or its authors, take no responsibility.

Keep in mind that insurance licensing, legislation, and policies often vary by province and most certainly by country. Canada Insurance Source is a free information source. So use this site to gain a general understanding of insurance with your own area and situation in mind.  Make sure you review the "please read" page. Always speak with a licensed insurance professional about your specific situation.

Always speak with a licensed insurance representative about your specific situation.

This site is general in nature and there may be errors or ommissions

Please Read

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