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Fedora girl | Can insurance company penalize you for cancelling your policy before it's terminated? |
I got a better rate elsewhere, and switched. Called my current insurance to cancel and they slapped me with a hefty bill saying that some states make the customer pay a 41% or some such number "penalty" for switching. I told the rep. that was crap, and I won't be paying this amount. Furthermore, I will be sending a complaint to the Commissioner of Insurance in NC.
Additional Details
I don't see this as a "good reason" whatsoever. It's an unfair practice especially since they encourage you to shop around. What agents conveniently "forget" to tell you is that you end up being the sucker. |
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Zarnev
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If it was for a car or home, yes, they can charge you. This is called short rate cancellation and is perfectly legal. The percentage usually reflects the amount of time left on the policy and is not always 41%. Sorry, but the DOI will not do anything about it and if you don't pay it the insurance company will send it to collections.
If it was for a life policy there are surrender charges on some types of policies. |
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acermill
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No one urges you to shop around BEFORE your current policy expires. The idea is to purchase a policy, and then look for rates for the NEXT period.
Insurers spend a specific portion of your policy premium on processing your policy and getting you into the system, as it were. If you cancel out prior to the end of the contract, it's not unusual to charge a cancellation premium. Remember, they're in this game to make money, not LOSE money.
If you are familiar with mortgages and prepayment penalties if you switch mortgages in a short period of time, you will get the picture. Same concept applies there. |
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Phil
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Yes, they can. And for good reason. Say your insurance bill is $100, $20 of it to process the policy and $80 for your share of the cost of claims. Your company lets you make 4 payments of $25 each.
Say you cancel half way through the policy term. You have paid $50, but the cost to the insurance company is $60 ($20 to process the policy, and $40 for your share of the cost of claims for half of the term). You owe them $10.
Sorry about the news. It is better to cancel at policy end. |
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Doing the Right Thing
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What type of insurance are you talking about??
I know this exist in most life insurance policies, especially the ones that has cash value in it. As for other types of insurance such as auto or health insurance, I never paid a fee when I switched from one company to another.
Anyway, I would read your insurance policy and see what it says about canceling or replacing or terminating the policy. If it says it will charge fees, then there's nothing you can do about it. Its in the policy and you agreed to the terms. |
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Luke D
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It's not that the state makes the insurance company charge the customer a cancellation fee, it's that they allow them to. I work for GEICO, and we don't charge one in any of our states. Anytime you sign up with an insurer, this is something you should always ask. |
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pingpong
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dont know |
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G.V.
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Never heard of that one.but I wouldn't be surprised. They'll get your money somehow. |
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mbrcatz
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Yes, when allowed by your state insurance department. There are two different ways they can zap you - either a "short rate penalty", which is usually about an extra month's premium, or particularly with Progressive & Leader Infinity insurance, they ALSO add a "cancellation fee" of usually $50. So they can be both.
If you don't pay it, they can send it to collections and/or sue you in small claims court, and will most likely win. Feel free to send in that complaint . .but it's not going to change anything. Most likely the application that you signed HAD the disclosure about cancellation fees on it, right above where you signed it. |
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ernesto_tig
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Insurance companies file all their rates AND fees with the state DOI before being approved for doing business in the state. SO, I'm fairly certain the NC insurance commissioner knows about any early cancellation fees and approved them years ago.
NC is one of the more highly regulated states; in some cases THEY dictate rates to the insurance companies. Don't like your coverage or costs? Thank your state legislature. |
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