by Super Agent » Tue Apr 07, 2009 07:02 am
look i have a auto policy with effective date 02022009......but this month i am planning to buy a new car......should a get a new separate policy for new car...or can i have this new car added in the previous policy....also can i have same effective date for this new car
Posted: Wed Apr 08, 2009 04:58 am Post Subject:
Hey Christy P....tell me more about multi car discount
Posted: Wed Apr 08, 2009 05:05 am Post Subject:
First off, I gotta say that when I read the first few posts in this thread, I was getting mad and actually yelling "NO NO NO NO" at my monitor. Then tcope showed up and said:
All I can say is, huh?
:?: :?:Thank you, thank you , thank you.
Just add the car to the existing policy like every sane person here has said. You'll more than likely get the benefit of a multi-car discount so you'll save money.
I can only think of one reason to have the coverage backdated on the additional car, and that's to cover an uninsured loss or ticket and the insured is trying to get proof of coverage for the incident. Other than that, I'm at a loss as to why a person would voluntarily want to pay more premium than they have to.
Finally, all policies contain language that grants coverage immediately on a newly acquired or replacement vehicle. The time you have to inform the carrier of the change varies by state, but the gist is the same. For replacement vehicles, the coverage on the replacement is normally the same as was on the car it replaced. For newly acquired, sometimes called "additional" cars, coverage is granted is based on the most liberal coverage on the cars currently insured.
So, if a car in the household currently has full coverage, an additional car would as well. If the other cars in the house only have liability coverage, the new car would only have liability coverage. Look to your policy for the specific terms, as you'll definitely find differences state to state and company to company. Watch out especially if you have non-standard (high-risk) coverage, as they normally will not cover this stuff until you've reported it to them. They sometimes get different rules to play by. :wink:
InsTeacher 8)
Posted: Wed Apr 08, 2009 05:23 am Post Subject:
but my Agent told me that if my first vehicle is Full Coverage.....then my second vehicle must only have liablity coverge with excess only........is he correct...... I think i am dealing with some ametuar agent. .... i told u i cant tell u the whole truth..... but i think uv already guessed....well in all their are no. of benefits i am getting in backdating my endorsement......so is it a green signal from ur side InsTeacher
Posted: Wed Apr 08, 2009 08:47 am Post Subject:
Why you wasting your time for cover new car by old insurance policy that not impressible. I told you before that you buying brand new car so you need to cover it by your new insurance policy.
Old insurance policy have some profitable schemes. If you take new insurance policy you can take more new schemes & you can get benefit of them .
I hope you will satisfied by my post .
Thanks.
Posted: Wed Apr 08, 2009 09:15 am Post Subject:
Hi Super Agent..
Now i would also like to tell u that i am pretty sure that it is allowed in AllState insurance company
May I know what you're pointing to? What has an insurance company got to do with changing dates? I think it's something between you and the car dealer. I don't think the carrier would choose to cover you for such purchases.
Fatman
Posted: Wed Apr 08, 2009 09:53 am Post Subject:
Super Agent,
If you add the car to your current policy, the credit score used will be what was calculated at the beginning, NOT when you add the car. Things like that are not changed mid-term.
Most companies give you a discount if you have more than one car on your policy. This is called a "multi-car discount." In most cases, it makes the cost lower to put both cars on one policy instead of two different policies.
I can't guarantee that this is true for all states, but in my region (Ohio/Indiana/Michigan), Allstate goes back as much as 30 days to match your purchase date. If you purchased it more than 30 days prior to the date your report it to your agent, then your coverage begins on the date that you report it to your agent. They will NOT go back two months to 2/2/09 unless the agent is breaking the rules. Speaking of which, asking your dealership to provide proof that you purchased the car sooner than you did, because you think you can get a better rate on your insurance, is insurance fraud.
Posted: Wed Apr 08, 2009 12:40 pm Post Subject:
Hey Christ...ur posts help me a lot.......look theres something called 'OUT OF SEQUENCE ENDORSMENTS' ...... in which u can have endorsments in ur policy and get it effective from a backdate.......Beleive me.....this is possible in AllStae insurance company......i donno in what ways it benefits the insured but it is possible...... and also the backdating time is not 2 or 3 months it is much higher....even years of backdating is allowed .(dnt know the exact limit)........i also think that this facility is provided by all Insurance companies in US like encompass, deerbrook........ its just that they dnt reveal it explicitly.....they provide it only when the customer asks.........this is not fraud...not at all.....i tld u before that dnt think of the purchase date of my car.....that is not a problem.......i wont be doing anything wrong.......suppose u have 2 old cars and have two seperate policies both effective from 05052007.......now on 10102008...u wish to drop 2nd cars policy and shift that car to 1st policy as an endorsment..and also want the endorment to be effective from 05052008( Renewal date of frst policy)...... it is possible........ any1 else who can boalster my point
Posted: Wed Apr 08, 2009 12:42 pm Post Subject:
Fatman...i am saying that out of sequence endorsments or backdating is allowed in AllState......read the above post.....theres a little explaination in that
Posted: Wed Apr 08, 2009 01:08 pm Post Subject:
Super Agent, it is possible and it is allowed ONLY for a valid reason. There is the problem. Asking the car dealer to sign a statement that you purchased it sooner than you did, is NOT a valid reason. It is deception.
Back-dated endorsements or out-of-sequence endorsements are used occasionally for valid purposes. One of the more common examples is when a renewal is processed in advance. Let's suppose a renewal offer is generated on June 1, with an effective date of July 1. The renewal offer calculates the new rates based on your old car. Then, on June 5, you call the agent and tell him that you bought a new car on May 15. You need coverage from May 15, and you reported it within Allstate's 30-day rule. This is out of sequence, because it should be effective before the renewal offer, and the renewal offer needs to be recalculated based on the new car. Then the renewal has to be backed out of the system, the endorsement processed on May 15, and the renewal offer recalculated. This is a valid reason for an out-of-sequence back-dated endorsement, and this is why their processing system allows it.
However, changing a policy from two years ago, just because the customer thinks the rate might turn out better, is NOT a valid reason. Backdating the addition of a new car when the insured did NOT report it within the allowed window is not a valid reason. (Backdating the addition of a new car when the insured DID report it, but the processing was missed because of an agency error, IS a valid reason.)
The point of this is to emphasize the difference between what is possible and what is allowed. The examples that you suggest are possible, but they are not allowed.
Posted: Wed Apr 08, 2009 01:22 pm Post Subject:
am not saying that that customer can enjoy this facility its just that theres i a provision of backdating......i am sure of backdating of 1 year....nt more.....i have seen from my eyes......Allstate people are not fool there might be some clauses......
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