Overview
A payment usually doesn’t go through for one of three reasons: the payment date hasn’t come yet, your banking information has an error, or there wasn’t enough money in your account. If there wasn’t enough money, your insurance company sets a new payment date and charges an NSF (non-sufficient funds) fee of $25 to $50. Your bank may also charge its own fee.
This applies if you pay by pre-authorized debit and a payment didn’t go through.
If the payment date hasn't come yet
Your payment is taken on the date in your payment schedule. If that date falls on a holiday, it's taken the next business day. To check your payment date:
- Sign in to your YouSet account
- Under your insurance policy, select Documents
- Open your payment schedule. With some insurance companies, it's part of your policy declaration
If your banking information has an error
This usually affects the first payment after you buy your policy. To fix your banking information:
- Sign in to your YouSet account
- Under your insurance policy, select Modify Policy
- Select Need help?
- Follow the steps on the screen and attach a void cheque
- Submit your request
Once your information is updated, your insurance company sends you a new payment schedule.
If there wasn't enough money in your account
Your insurance company sets a new payment date and charges an NSF (non-sufficient funds) fee. Your bank may also charge its own fees. Here's what each insurance company does:
| Insurance company | What happens | NSF fee |
|---|---|---|
| Aviva | Sends you a letter and an email with a new payment date. | $50 |
| Economical | Tries again within 3 to 10 days. If that fails, sets a new date within 30 days. | $25 |
| Intact | Sends you a letter and an email with a new payment date. | $40 |
| L'Unique | Tries again within 3 to 10 days. If that fails, sends you a letter and an email with a new date. | $35 |
| Max | First failed payment: no fee. Sends you a letter and an email with a new payment date. Second failed payment: you pay the NSF fee and the full remaining balance of your policy. | $45 |
| Pembridge | Tries again within 3 to 5 days. If that fails, sends you a letter with a new date. | $50 |
| Promutuel | Sends you a letter and an email with a new payment date. | $30 |
| Travelers | Sends you a letter and an email with a new payment date. | $30 |
| Wawanesa | Sends you a letter and an email with a new payment date. | $40 |
You can find letters from your insurance company under Documents in your YouSet account.
If your insurance company isn't listed:
- Sign in to your YouSet account
- Under your insurance policy, select Modify Policy
- Select Need help?
- Follow the steps on the screen
- Submit your request
What happens after
- Some insurance companies add the missed payment to your next one, so your next payment may be twice the usual amount, plus the NSF fee.
- If several payments fail, your insurance company can cancel your policy. You would then have no insurance, and getting a new policy could be harder.
Frequently asked questions
Am I still covered if my payment failed?
Yes, your coverage continues while your insurance company sets a new payment date. Make sure the money is in your account by that date, because several failed payments can lead to your policy being cancelled.
Why did my payment double the month after a failed payment?
Some insurance companies add the missed payment to your next one. Your next payment may then be twice the usual amount, plus the NSF fee.
The money was in my account. Why did the payment fail?
The payment may not be due yet, or the banking information on your policy may not match your account.