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Insurance Premium Refund For No Car

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 02/20/2016

Question:  I have a question we purchased car insurance for a car we were buying but never bought the car, can I get my money back?

Answer: Absolutely! There was no vehicle to provide coverage for, so the insurance company did not do anything for you to owe them any money for.

Let the insurance company or insurance agent know that you never purchased the vehicle, but do it as soon as possible. If they give you any problems about giving you your money back, report them to your state Insurance Commissioner.

Adding Points Adds How Much Premium?

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 01/31/2016

Q: Approximately how much does my insurance premium go up if you have couple of points on your record?

A: There is really no answer to the question that we can give for several reasons.

  1. Each insurance company has different insurance rates.
  2. Each insurance company assigns a different value to the number of points on a driving record.
  3. The rates for insurance companies vary from state to state. The amount a policy will go up for two points in Idaho is different than how much it will go up in Florida.
  4. A person with a couple of points will have a much different premium than a driver with a couple of points and bad credit or an accident that was never reported to the police.

As you can see there are so many variables that come into play with insurance premiums that it is impossible to give even an estimate of what a premium increase would be. Wish insurance premiums were the same across the board and we could give an actual answer.

Insurance Company Not Behaving Itself?

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 01/31/2016

Q: What if my insurance company wrongly assigned fault to me & then reversed its decision upon investigation by the insurance commission? They also used my uninsured motorist coverage to settle medical claims when I had medical payments coverage. Their subrogation division then sent me a letter saying they were unable to recover from the responsible party insurance company.

A: First, you need to see if you can’t get a hold of a claims manager to get an explanation for all of this. Tell them that you wanted to talk to them first to get it sorted out before going to the insurance commissioner again about the same claim.

If your insurance company refuses to help you and things just don’t seem right still, it’s time to call the commissioner again.

Getting an Insurance Refund

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 01/20/2016

Can you get an insurance refund from a  down payment you already paid?

Q:  I renewed my insurance with U.S. agencies and I put a down payment of 152.00 down on Jan. 7…. Now on Jan 12 I got another policy with state farm for a cheaper price and more coverage….Am I entitled to get my 152.00 back from Us Agencies????

A: It all depends on your renewal date.

If your renewal date is after January 12th, then yes you are entitled to the full insurance refund of $152.00 back (minus any fees the old company charges). If your renewal date was before January 12th, then you won’t get the full $152.00 back, your old company will instead pro-rate your insurance refund for the days you were not covered by them.

Hiding a Hit-And-Run Accident from Your Insurance Company

Written by Michele Wilmonen. Posted in Ask An Insurance Question Last Updated: 01/20/2016

Who finds out about a hit-and-run accident?

Q: My coworker hit a bicyclist and nothing has been reported. His car is damaged. Will his insurance company know that he did a hit and run? What happens next?

 

A: Well my question would be why is this a hit-and-run accident? Did your friend hit the bicyclist and then take off without making sure that person was okay and without giving them his insurance information?

His insurance company will not find out if there was no police report filed and the other person doesn’t file a claim. His insurance company will also not find out if he doesn’t put in a claim for the damages to his vehicle.

While this may be good news, if he did indeed flee from the scene of an accident the damages to his vehicle can link him to the accident and then he can expect a whole lot of legal trouble in the future.  In other words, his insurance company finding out about the accident will be the least of his worries.

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