Courtesy of iii.org There's a difference between an insurance company cancelling a policy and choosing not to renew it. Learn why your insurance might not be renewed Auto insurance cancellation Insurance companies cannot cancel a policy that has been in force for more than 60 days except when: You fail to pay the premium You have committed fraud or made serious misrepresentations on your application Your drivers license has been revoked or suspended. Auto insurance non-renewal Either you or your insurance company can decide not to renew the policy when it expires. Your insurance company must give you a certain number of days notice and explain the reason for not renewing before it drops your policy (the exact timeframes and rules will depend on the state in which you live). There are a number of reasons an insurance company may choose not to renew a policy, and it may have nothing to do with you personally. For example, your insurer may have decided to drop that …
Car Insurance
A Guide to Car Insurance Terms
Courtesy of iii.org Don’t be intimidated by specialized insurance language. Below you’ll find definitions of some of the most common terms used when dealing with auto insurance. Adjuster An insurance company employee or contractor who reviews the damages and injuries caused by an accident and okays claims payments. Bodily injury liability Usually mandated by state law, this insurance provision covers costs associated with injuries and death that you or another driver causes while driving your car. Claim The formal request to an insurer for payment under the terms of your policy. Collision coverage Optional coverage that reimburses you for damage to your car that occurs as a result of a collision with another vehicle or other objecte.g., a tree or guardrailwhen you’re at fault. While collision coverage will not reimburse you for mechanical failure or normal wear-and-tear on your car, it will cover damage from potholes or from rolling your car. Comprehensive …
Car Insurance Money Saving Tips
Courtesy of iii.org The price you pay for your auto insurance can vary by hundreds of dollars, depending what type of car you have and the insurance company you buy your policy from. Here are some ways to save money. 1. Shop Around Prices vary from company to company, so it pays to shop around. Get at least three price quotes. You can call companies directly or access information on the Internet. Your state insurance department may also provide comparisons of prices charged by major insurers. (State insurance department phone numbers and Web sites can be found on the back cover.) You buy insurance to protect you financially and provide peace of mind. It’s important to pick a company that is financially stable. Check the financial health of insurance companies with rating companies such as A.M. Best (www.ambest.com) and Standard & Poor’s (www.standardandpoors.com/ratings) and consult consumer magazines. Get quotes from different types of insurance companies. Some sell …