What happens if I miss a payment?

If a payment is missed for a policy with State Fund, several steps may follow. The first consequence could be that the policy enters a grace period, during which the policyholder can still make the payment without losing coverage. The length of this grace period can vary based on the specific terms outlined in the policy. If the payment remains unpaid after the grace period, the policy could lapse, resulting in a loss of coverage and benefits. This lapse in coverage may mean that any claims made during that period will not be honored, leaving the policyholder unprotected in the event of an incident or accident. Additionally, there could be potential fees for the missed payment, which may increase the overall cost of the policy. It is advisable for policyholders to refer to their policy documents for specific terms related to missed payments. For contact information or further assistance, checking the current web page may be beneficial.