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 Posted: Mon Oct 27, 2008 9:11 am Post subject: previous coverage duration |
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Why is it that any shop I'd visit for auto insurance would end up asking me about the duration of my last coverage? Is it really necessary?
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MistressRose
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| Posted: Mon Oct 27, 2008 9:20 am Post subject: |
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Hi there...even though it might seem a bit irrelevant..but its quite natural for the insurance companies to ask you regarding your insurance history. This would certainly help them to design a coverage for you as well as fix a premium for you. Now, all you need to understand is that insurance companies would do this since they would never be able to gather many of the financial facts associated with you. Mermaid-attitude
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Mermaid-attitude
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| Posted: Mon Oct 27, 2008 9:25 am Post subject: |
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Yes, I'd agree with this fact that the insurance carriers would often choose to know the continuity or consistency of their prospective customer. See, this is all about the potential risks associated with an applicant. Even for auto insurance, drivers who don't maintain a coverage throughout would have the probability to face a higher premium charge that their counterparts. Carriers would simply charge them more, since these drivers would seem more amazing to them than the rest, and thus more risky. Caromel_merquez
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Caromel_merquez
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| Posted: Mon Oct 27, 2008 9:31 am Post subject: |
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My friend, I'm sure you'd love to protect your own assets...so now, you'd better empathize with your carrier. That's solely the reason for them to fix lower premiums for those drivers who'd reflect a better driving history. These insurance companies would know it very well that more you're covered (i.e. pay for premiums) more are the chances that you'd be careful to keep away from car mishaps, and lesser would be your chances of claiming for an accident. Lesser claims would indicate lesser risk potential for them. Hope you got that now!
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roddick
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| Posted: Mon Oct 27, 2008 1:54 pm Post subject: |
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You will most likely get a better rate if you come to an insurance company with insurance "in-force" - you have coverage when you are "shopping."
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LifeIsGood
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| Posted: Mon Oct 27, 2008 2:26 pm Post subject: |
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| I don't know that duration would be an issued as opposed to no lapse in coverage. There are few, if any, good reason's why a person's coverage should lapse. So a lapse usually means higher risk. Higher risk equals higher premiums. Perhaps if the agent could show that the lapse was only for a few days, they may be able to get a lower rate. |
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tcope
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| Posted: Mon Oct 27, 2008 9:31 pm Post subject: |
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| Letting your insurance lapse or terminate is going to cost you in the long run. Do it too many times and then you will either pay some really high rates or risk not finding coverage. Until PA passed that law if a person discontinues insurance they have to send in theor plates people around here would get insurance just until their vehicle was inspected and then drop it. I am really glad they passed the law myself. |
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fireyone
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| Posted: Mon Oct 27, 2008 10:28 pm Post subject: |
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Damn firey - you are starting to sound more and more like an insurance agent every day.
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LifeIsGood
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