Does my insurance policy have a grace period?

Property and casualty insurance policies (as opposed to life insurance policies) do not have grace periods to allow you to pay late. What they have instead is a cancellation notice period. If you pay your bill after a cancellation notice has been issued, then you are at the mercy of the insurance company as to whether or not they will accept your payment and reinstate your policy. For a more detailed look at this issue, click here.