Great article from Ellen Roseman about what can happen when you are late on your insurance payment.

http://www.thestar.com/business/personal_finance/2014/06/01/one_young_womans_home_insurance_shock_roseman.html

If you have been cancelled by your insurance company for non-payment, it is a black mark that will remain on your insurance history. Especially with car insurance – reports ordered by an insurance company can show prior cancellations for non-payment from more than 10 years ago.

Most insurance companies will not give preferred pricing if you’ve been cancelled for non-payment. Sometimes they won’t give you a payment plan – you would have to pay the whole years insurance premium in full when you start the new policy.

If you have a good broker, they can try to help you and hopefully your policy won’t get cancelled for non-payment.