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 Posted: Thu Oct 23, 2008 7:27 am Post subject: Auto insurance signup queries |
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Hi all,
I've to apply for Auto insurance within a few days. I would just like to ask you a few questions prior to my application submission. Is it possible for me to check my carrier's ratings anywhere? Are there any chances that I may need to pay more for premiums than the amount stated by my agent? What steps do I follow if I find my carrier has turned bankrupt in the long run?
Regards, Polo-gemini8
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Polo-gemini8
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| Posted: Thu Oct 23, 2008 9:27 am Post subject: |
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| Quote: | | Is it possible for me to check my carrier's ratings anywhere? |
If you are in the USA your states dept of insurance maintains records on your carrier...and a website... | Quote: | | Are there any chances that I may need to pay more for premiums than the amount stated by my agent? |
Yes, if after the underwriting dept finishes their job and your agent has incorrectly rated you... | Quote: | | What steps do I follow if I find my carrier has turned bankrupt in the long run |
Generally these types of carriers are bought up by another which have to honor your contract until it runs out...(the policy period)
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Lori
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| Posted: Thu Oct 23, 2008 9:31 am Post subject: |
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| Quote: | | Is it possible for me to check my carrier's ratings anywhere? |
Yes, its absolutely possible to check the carrier's rating, in fact its suggested to check the background of the insurance provider before signing for the policy in order to avoid obscurities in the future. Following are some of the renowned rating institutes where you can check the rating of the insurance carrier.
- A.M. Best
- Standartd & Poor
- Moody's investor Service
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RupertWBradson
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| Posted: Thu Oct 23, 2008 10:36 am Post subject: |
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Rupert's first option is unavoidable. You may go through the A. M. Best Company's P&C ratings. Such information would be available at ambest.com. You may also choose to go through their book. CD-ROMs are also available regarding this. Hope you'd be quite satisfied with this service!
Plasticmind
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Plasticmind
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| Posted: Thu Oct 23, 2008 12:27 pm Post subject: |
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Hi, you may go through the definitions of individual ratings for each of the said services. Remember that all of these services would use individual rate plans. It would be much better for you to go through the ratings of those companies which have been rated as the best. But yeah, please make sure that these ratings have been stable over a period of time. Crossbreed
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Crossbreed
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| Posted: Thu Oct 23, 2008 12:35 pm Post subject: |
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Hi..you may have access to the bankruptcy status of any carrier by calling up their customer support. Please try and explain to them your cause of asking them about the same. I'm sure, they would be more than eager to tell you how financially sound they are, in case they wanna have you as their prospective customer.
Mermaid-attitude
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Mermaid-attitude
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| Posted: Thu Oct 23, 2008 12:40 pm Post subject: |
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Hi,
In case you don't come across a carrier who seems exited..it would be advisable that you call up the State insurance dept. The officials over there would be able to give you a hint as to the financial status of a particular carrier. You may rest assured that the information that you would obtain from their side would be true and updated.
Caromel_merquez
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Caromel_merquez
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| Posted: Thu Oct 23, 2008 12:46 pm Post subject: |
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See, there could be circumstances concerning an absorption. If your carrier hasn't had too bad a track record...you have the chances of getting absorbed by a good company. In my belief, such companies would value your policy with all its initial terms and conditions in place. In due course of time, you'd stand the chance of getting a fresh policy with your new carrier.
Thanks, Purpleheaded08
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Purpleheaded08
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| Posted: Thu Oct 23, 2008 1:02 pm Post subject: |
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| Quote: | | Are there any chances that I may need to pay more for premiums than the amount stated by my agent? |
I don't see anything illegal in it. The premium stated by the agent is definitely not the ultimate one. The predictions of an agent regarding your premiums don't often take into account a number of other factors e.g. your accident history, claims history or your credit score. So, you see in the absence of all these important factors it can't be possible for an agent to give you an exact estimation of your insurance cost. Roddick |
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roddick
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| Posted: Thu Oct 23, 2008 1:15 pm Post subject: |
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Guys,
lemme tell you..that any such premium analysis that you're talking about could only be done by the underwriters. These professionals would take into consideration all the necessary factors to determine your insurance premiums. So, they are into knowing and analyzing the risks associated with covering you for a specific purpose. Crossbreed
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Crossbreed
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| Posted: Thu Oct 23, 2008 1:22 pm Post subject: |
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Yes, many times the applicants would just try to hide facts concerning their accident experiences. Even when they are being asked regarding the smaller traffic violations they would not be able to recall the dates. So, if you have had more of such experiences, you're bound to pay more in terms of insurance premiums.
Regards, Fatman |
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fatman
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| Posted: Thu Oct 23, 2008 1:36 pm Post subject: |
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Hi all,
It seems quite fair since the real figure is determined out of facts concerning our real life risks. They are certainly not based on someone's whims and fantasies. Once you receive a rate from a carrier, it is again your call...whether you'd love to accept it or deny it.
If you think its not acceptable to you, you'd always have the opportunity to try out other carriers.It is quite natural for a prospective consumer to go for shopping with at least 4-5 carriers and then compare the rates offered by them. Only this would give them an idea of the actual worth of risks concerning them. Roddick |
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roddick
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| Posted: Thu Oct 23, 2008 2:15 pm Post subject: |
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We run everything for the quote except MVR (we do that when the customer is pretty certan they will go with us). That is why we stress the importance of being upfront with their driving record. We explain all this up front - not running the MVR until the end, etc.
My main suggestion would be stick with a company who specializes in insurance (Allstate, State Farm, etc). AIG had their fingers in too many places - granted, their auto insurance side is stable, but it's the rest of their greediness that brought the company down - and the insurance fell with it.
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LifeIsGood
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| Posted: Thu Oct 23, 2008 11:55 pm Post subject: |
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I like to use ambest.com to check out insurance companies ratings. Even though the ratings are great today doesn't mean it can or will not change in the future and each driver should check at least twice annual at their insurance company and even more to be safer.
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justong
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| Posted: Fri Oct 24, 2008 10:46 am Post subject: |
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The financial health of the insurance companies has become a great concern for the global insurance consumers. We all are worried about what will happen to my money if the insurance company goes bankrupt.
However, its kind of a norm that whenever an insurance company goes bankrupt another insurance company comes forward to its rescue, i.e. the new company will take up the liabilities of your pervious carrier. Hence, you can be rest assured that you may continue receiving the benefits even if your carrier goes out-of-business. |
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