Why is my insurance costing higher than what stated ?

Submitted by Anonymous (not verified) on Thu, 09/06/2007 - 06:54

Hi its with me life policy as well as my health insurance that I have noticed that the cost is much higher than the broker had suggested earlier...I feel thats not legal. What do you all feel about it ?
Salesgurutrevor

Posted: 06 Sep 2007 07:30 Post Subject: Important info are missing..

Yeah my friend thats quite legal!
You're requested to forward your financial information through a quote-derivative system which calculates and offers you an estimate. But at that instant this information conveyed by you is just an assumption and not a verified data. Important information regarding your driving history, credit score, past claims are not taken into account at that point. Do you agree with that ?? Thats the reason why you see a magnified version of what you expect more often than not. Regards, Fatman

Posted: 06 Sep 2007 07:40 Post Subject: real information!

Yupp..once you have applied for a policy then a small investigation is being done regarding your financial status & credit history wherein all the factors associated with the respective fields are taken into account.

The insurer has underwriter professionals who would work towards comparing the data achieved by them with their set-parameters from time to time in order to derive the actual quote or say the rate of your premium. Through this investigation the real rate based on the real information has often been seen to be higher than what you'd guessed.
Thanks, Juanita

Posted: 06 Sep 2007 07:57 Post Subject: its your choice!

Hi Salesgurutrevor,

You don't need to worry at all. You always have the right to deny any such quote which is not acceptable to you. I personally feel a bit of crosschecking with other insurers through window-shopping might help you a lot. At least 5-6 quotes available in the market would suffice a realistic idea about which one might be the best both in terms of the benefits in return for the optimum premium. All the best, Simione-creditors

Posted: 06 Sep 2007 04:55 Post Subject:

The others are right- that has happened to me many times. It is just a quote, and many variables are checked out.

We were given a quote for health insurance and about 10 days later, they called and our price jumped $300.00 a month! That was becauese they took my past health, my meds that I was taking, and the probability that I would incure numerous claims in the future.

We didn't go with that company, but went with one at my husband job.

As far as health insurance, they take into account your meds, such as any type of antidepressent. If you take that, you are considered to be possibly suicidal, so thus higher rates.

Have you considered joing this forum, it's free, and you will find help and support here...Karen :D

Posted: 11 Sep 2007 06:24 Post Subject:

Did you provide correct information to the broker? If an insurance company discovers ane pre-existing medical conditions or if they took blood test and found out some additional information then they have a right to increase your policy. I am sure they have a reason for the rate increase and you should contact your broker to find out what it is.

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