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In the previous article we considered why it is important to include all incidents such as tickets, accidents, claims, and not at fault accidents on your record when you’re requesting quotes for new car insurance.
This is important is because you could receive a huge rate increase over and above the premiums quoted to you, or even a cancellation!
What happens if the agent you request a quote from doesn’t enter the correct information ?
Example: Stan and Vicki had been insured for many years through the same agency. However because of claim activity they find the rates on their car and home insurance have greatly increased.
Feeling mistreated, Stan feels decides to shop around. After a bit of research find that a new agent with a different company can lower his rates by 30% on both car and home insurance!
Excited about such a savings Stan meets with the new agent Fast Fingers Eddie. He issues a new car and home insurance policy for Stan and Vicki.
Two weeks later Stan calls his soon to be former agent Michael. He wants to cancel his current policy.
Michael says he is sorry to see them go. Concerned, he asks Stan if the new insurance company documented all of their driving records and the two homeowner’s insurance claims they had in the last three years.
Stan assures Michael that the new company he is with issued a policy and checked everything.
Michael asks, “Did you get the new policy yet?”
Stan says with irritation, “No but the agent promised that based on what was on our claims record we would be covered and accepted by the new company.”
“It might be wise to make sure there are not any problems with your new policy first before you cancel your existing policy. I’m familiar with this insurance company’s underwriting standards. Knowing your records as well as I do, I don’t think they’ll take you Stan,” Michael suggests.
Stan sin’t in the mood to argue so he tersely requests the cancellation immediately! Michael handles that and wishes them the best.
About a week after cancelling his previous policy Vicki called Stan at work. She was in a bit of a panicked state.
“Stan this new company you signed up with Fast Fingers Eddie is cancelling our home insurance policy! The rates on our car insurance are $400 higher than the old policy you just canceled!”
Stan immediately calls Fast Fingers Eddie. He was evasive and mumbled something about some underwriting changes.
Later that day Stan read the rejection letter from the new company. In it the company states the reason for the cancellation of the homeowners policy was due to undisclosed claims and the car rates are more because of undisclosed tickets.
Stan calls Michael back and together they were able to find an insurance solution for them.
What Lessons Can We Learn from Stan and Vicki When Shopping for Insurance in Upper Darby Pa?
It’s imperative to make sure agents properly list all of your driving and claims activity for your quotes. Otherwise you may not receive the rate as applied for!
In our next article we will discuss a technique that some insurance companies use to gain new customers. They do this by not running their motor vehicle report. Later when an accident or claim occurs the company run the reports and fully charge the insured with everything on their record at that time!
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