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arshishb | Can insurance companies NOT give you pro-rated advance back? |
Hi, I took a motorcycle policy with Foremost Insurance on 3/9/07 for $621/year, to be activated on 3/10 when I bought my new motorcycle. On 3/22 I canceled the policy as I moved to another provider. On 3/9/07 I paid $258 as advance premium. My refund check is $113, so they decide to keep $145 for 12 days ?? I called them & they said that they do not give pro-rated refunds for motorcycles polcies. I asked them IF THERE WAS ANY SUCH NOTICE IN WRITING TO THE CUSTOMER & she stated that there is NO SUCH STATEMENT IN WRITING IN MY WELCOME PACKAGE. No matter how much I tried to tell them its not fair, they refuse to give me back pro-rated amount. Is this possible? What can I do in such a case? I should get atleast $200 back, but $113?? Thats like a joke !
Additional Details
To mbrcatz17: I didnt use an agent, I contacted them directly. I understand everything costs money, you loose money every minute of the day. However I find it hard to accept that they can just keep a big chunk of money. I checked my welcome package & no it doesnt contain any clause about cancellation fees. |
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nurse ratchet
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Sounds like you got the "short rate" instead of the "pro rata rate" return of premium. This is very common, and I agree, it is not fair. However, I don't think there is anything you can do about it. I strongly suggest you work with a person (licensed agent), instead of using an on-line service. Usually your agent will fight for you and can sometimes get it changed for you to the pro-rata return. It is things like this that make us agents look bad. Your best recourse is to complain with your state's insurance commissioner's office. Sorry you had to learn it the hard way. |
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kayzphotoz
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Call the insurance commission for your state. |
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DFK
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Sorry this happened to you. This should be a lesson learned unfortunately.. When It comes to insurance...don't go on line or respond individually. See an agent! They are their to represent YOU. If their is a problem in billing then they can be the intermediary for you. Foremost uses agents as well. |
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larsgirl
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there is not a pro rate and a short rate cancellation ....... there is pro rated and the cancellation penalty shaft
check your numbers.. does it work out to a 10 or 15% charge?
Some companies will charge you this for canceling for different reasons.... changing carriers is one of them.
If you sold and didn't need the coverage anymore, that would be different. you would have probably gotten the pro-rated amount back. if they had canceled you.. pto-rated. BUT,, you jumped ship. check the numbers., you probably got tagged with a cancellation penalty. |
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mbrcatz
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Yes, it is. For ANY auto policy, including motorcycle, you don't get a pro-rata cancellation unless the company cancels YOU for underwriting reasons, or for nonpayment of premium. You ALWAYS get a "short rate" penalty, when YOU cancel. It doesn't have to be said in the paperwork, because YOUR STATE approves it. Sometimes, there's ALSO a cancellation fee. If there is, it would have been on the original application you signed, that they have a cancellation fee in addition to a short rate cancellation penalty.
It costs money to issue a policy!! It costs money to cancel it, and it costs money to send you all the mailings. That's why state insurance commissioners allow it.
Did you tell your AGENT you were planning on keeping the policy only 10 days? If so, they should have told you there would be a cancellation penalty. If you DIDN'T tell your agent, and you didn't ask them before you cancelled, well, they can't read your mind.
**It wouldn't be in the welcome package, it would be on the application that you signed. It's ALSO written into the policy itself - there's a whole section on "cancellation". Did you tell them you were only planning on keeping the policy a week or two? Did you actually read the policy? Not having an agent means you have to do all that yourself.** |
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bundysmom
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Contact your state Department of Insurance who regulates the insurance company. They will tell you how it works. You only owe the days you were insured with them. |
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InsuranceAdvisor
 |
It's very strange that they didn't refund pro-rate. The only explanation that i see is that Foremost is not admitted in your state and therefore you had to pay taxes that were earned. There is one very important thing you have to know: there are 2 types of insurance companies: admitted and non-admitted. Admitted carriers are backed by California Insurance Guarantee Association and if the company will become financially insolvent, CIGA will pay for the claims. Also, you don't pay taxes with admitted carriers. Non-admitted carriers often have 25% minimum earned clause, were they will keep 25% of the premium + fees in case of early cancellation. I hope it helps. Email me of you need more information |
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