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Question by lavonna harder: When changing auto insurance companies, am I bound by law to show the new policy to the old insurance company?
Say, today is 1st Feb’09. I had an auto policy (from Farmers) that expired on 1st Jan’09. Today, I buy a new policy from a different insurance company(AAA).

When I discontinue service with Farmers, am I bound to show the new insurance policy to them? Also, will I get charged for the period from 1st Jan’09 to 31st Jan’09 by Farmers?

Best answer:

Answer by venita
If you were to have asked Farmer’s to cancel as of a previous date -and had NO replacement coverage as of that requested cancel date, then Farmers would have been allowed to charge you up until the date you actually requested cancelation. If you had already paid the premium in advance, you’d get a refund of everything but the 30 days during which there was no replacement coverage. If you has paid NOTHING yet to Farmers, you’d get a bill for the 30 days.

Example: On Feb 1, you tell Farmers to cancel you as of Jan 1 -a backdated cancelation. But, you had no replacement coverage as of Jan 1. Farmers then cancels Feb 1, and charges you for the 30 days in between (or refunds for all but those 30 days, if you had paid them in advance).

Why is this? Because if you had a claim during those 30 days, Farmer’s would have been on the hook to pay it. And if it were a big liability claim, you’d want them to pay it. Furthermore, a claim for an occurrence during that 30 days could come in several months later -a classic whiplash claim, for example.

Now, if you DID have replacement coverage in force as of the requested cancelation date, Farmers will want to see proof of it. You needn’t show then the actual policy; a copy of the front (declarations) page is enough, or else a copy of an “Evidence of insurance card” will do the trick. You might also be required to sign a statement saying that to the best of your knowledge there are no claims nor any circumstances that might lead to a claim during the 30 days. Give ‘em that and they know there WAS other insurance as of the date you want to cancel -even if that date is in the past. You’d get your premium back, or, if there was no premium paid (and no prior balances anywhere), you’d be billed nothing.

So, chances are you’ll be charged up until the date you asked for cancelation, because you can’t show you had other coverage for the 30 days PRIOR to that; this is a good thing: now you’re out of hot water with the DMV.

The reason for this is that the state is very interested in coverage “being there” in case of an accident; therefore, insurance is REQUIRED. Likewise, if you cancel for any reason, you are required to have replacement coverage so the insurance is continuous. Understandably, the last thing Farmers (or any carrier) wants is to be on the hook for a claim during a period of time when they weren’t getting their premium. Thus, they won’t let go of the policy until they see evidence that something else was actually there. If they don’t have that, the state will stick THEM with your claim.

The policy is based on a simple promise: “If you’ll pay us a premium, will pay or defend your covered losses that are reported to us.” Unquestionably, had there been a claim during the 30 days after you WANTED cancelation, Farmers would have had to pay. Likewise, they’re entitled to the premium for that period of time. The only exception is when there is other coverage in force, and, quite understandably, Farmers wants proof of that.

If you do have 30 empty days, the state might discover it. It takes awhile, sometimes, but eventaully the DMV computers will see the gap, and you’ll be asked to show THEM evidence of coverage. If you can’t ptovide it, penalties and fines will vary according to the state you’re in: typically, you’ll pay a fine plus what the premium would have been had you been covered through the state auto insurance fund -by whatever name it goes. Not all states check every record -some do every tenth, or observe another formula.
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What do you think? Answer below!

auto insurance companies:

Question by Allan Walker: What Kind of Discounts do Auto Insurance Companies Give?
I’m going to be talking to an insurance agent later on, and i want to write down a list of discounts to ask them about.Please let me know your ways to gets discounts from the auto insurance companies.. I’m 29
drive a 98 camero

Best answer:

Answer by PamelaS
It varies from company to company. Each company sets up their rate plan (the mathematical formula they use to calculate your premium) differently, giving different values to different factors. One company might favor older drivers, one younger, another might be set up to favor only the very safest drivers. You have to compare different companies to make sure you have the right fit. If the agent you are meeting with is an independent agent, he or she can compare several companies for you. If they only deal in one company, I recommend some comparison shopping before you sign anything.

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auto insurance companies:

Question by Abed K: Which auto insurance companies accept United States Virgin Islands (USVI) driving experience as valid?
I am a US citizen and, until recently, used to live in the USVI. When getting my insurance, Geico did not accept that experience as valid. Does anyone know of any popular auto insurance companies that accept it?

Best answer:

Answer by jazman b
carinsurance.enacre.net – try this one. I have their car insurance and, as I know, they can provide such a service.

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auto insurance companies:

Question by shawn: Do you know that many auto insurance companies base your rate on your Credit Score>? Should this be legal>?
I just feel that if the State is going to require by law auto insurance ,, then your credit should not have anything to do with your rate! Many companies don’t even tell you they are running your credit, but they do! This needs to be changed !
what’s next they going to charge us what the wish on our next Big Mac based on our credit score?

Best answer:

Answer by oklatom
Yes, I knew it. Nothing new about it, a credit score tells a lot about a person and is one of the things they check to set your rates.

They certainly don’t keep it a secret that your credit score will be run, and your driving record will be looked at also.

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Question by Eric: What auto insurance companies offer auto insurance for driving for-hire vechicles (Car Service / Cab ) ?
I recently got my TLC (Taxi and Limo Commision License). I want to work driving car service/cab in Brooklyn NY, however I don’t know what auto insurance companies offer insurance for driving car service/taxi/etc? I tried allstate and nationwide, they don’t offer insurance. Does anyone know? Help! Thanks.

Best answer:

Answer by mbrcatz17
Most don’t. Companies that do, vary by state. It’s very expensive, and very high risk.

You’re going to have to go to a local, independent agent. Likely, you’ll end up in your state risk fund, whatever it’s called. Expect to pay $ 8,000 a year, for just liability – minimum limits. Up front, no payments.

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