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gav (2710)

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Hacker in NYC.

Journal of gav (2710)

Monday February 03, 2003
06:26 PM

The insurance dance

[ #10379 ]


Every few months I play this annoying little dance with my motor insurance company. They want to be paid on the 1st of the month, problem is that I get paid on the last business day of the month. If my cheque hasn't cleared (when days are next to each other) often I am late.

So I pay a day late, and a week later I get an letter telling me my policy will be cancelled if I don't pay by 12:01am on the 1st of the next month. If that month has been expensive (xmas, holidays, etc) and I don't have $120 we run into this little dance. I'm late, they cancel my policy, and then reinstate it when I pay a day or so later. This happened for the last two months, and until I pay on time once, I don't get my usual payment date of the first business day of the month.

Of course, the insurance company can't change the billing date to something nice like the 5th because my policy runs from the 1st of the month. I'm guessing that I'm late about 50% of the time because of this. If I had a credit card with a decent limit, rather than the $200 and $250 I have on my two, then I wouldn't have this problem.

Moral of the story? Being inflexible is bad business. The credit rating situation in the US sucks and until I get a credit card with a limit higher than 2 days salary, things like this will continue to piss me off.


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  • I may pay more with my auto insurance, but I have a real agent who helps me out and is well worth the cost. One time I completely forgot to pay my bill and he called to find out if anything was wrong. I was able to make a payment the day before my delinquency extension ran out. if you don't have an agent, that may be an option that can help in unique situations.

    Another idea - can you set up automatic debits and get overdraft protection from your bank, assuming overdraft applies to automated payments.


  • Set up a second account, just for paying static monthly bills. Put the correct amount of money in there monthly, with a little extra as a buffer. Transfer all your direct debits (or whatever the withdrawal method is called) to this account. Never need to worry if your see sawing current account can meet the bills at the end of the month.

    Nice proverb to beat :

    "At the end of my money I always have a bit of month left"