It all has to do with what insurance is. Insurance is the transference of risk. You pay a premium to the insurance company, it turn they agree to indemnify you, or put you back to the financial status you were previously at prior to a claim within the limits you have selected. In simple terms you hit someone and owe for damage to his car, his injuries, damage to you car, and your injuries. Assuming you have all the coverages needed at the limits needed the insurance company pays for all this so you are now at the same place financially you were prior to the accident. That being said the, money you pay in premium is for the possibility of a future claim, not claims already paid. This insurance company must predict how much money will be paid on average for the next policy term for a pool of risk. It's like selling a product without knowing how much it will cost you to produce until after you have already sold it. Knowing this, it's amazing insurance companies know how much to charge. Charge too much and you'll lose customers to more competitive companies. Charge too little and you loose the company. You have to be as accurate as possible. This is why no insurance company should want to charge too much or too little. Auto insurance is so dynamic that it is almost impossible to predict more than six months in the future how much will be paid in claims. Variables such as people moving from one place to another, explosions in popularity of more destructive vehicles like SUVs, changes in driving habits like driving while talking on cell phones, and changes in jury awards are all variables that usually cannot be accounted for until the last minute. Further hindering insurance companies is the fact most states mandate that any rate change, up or down, must be approved through a lengthy government bureaucracy. This will slow down the process of charging the appropriate rates for the risk when time is crucial. This is why you will find that most insurance companies will offer only six month policies for autos. If you think it's all about insurance companies wanting to charge more every six month, then why are home owner's policies usually a twelve month policy?
In short, the companies want to be able to adjust their rates.
That can work in your favor also. Consider: An insurance company in most states can only charge for a conviction (a ticket) for 36 months from the conviction date (the date you paid it, or went to court.) However, the insurance company is not required nor is it even expected to stop charging for a ticket in the middle of a policy period. So if you got a ticket on 12/1/02 you would expect the reduced rates to come around 12/1/05. However, if your policy renews on 11/15/05 then if you have an annual policy you won't actually see the reduced rates until 11/15/06.
Get rid of your pit bull. (Or Rotties) There is nothing you can do . . . the insurance companies are in business to make money, not to give their money away. It is known that of all dogs that have killed people, pits are responsible for about 67% of those deaths. An insurance company would be crazy to insure someone who owns a pit. Overall across America, they would lose money. When insurance companies write insurance policies, they have to do so on the basis that they won't even have to pay out on the vast majority of policies sold.
Yes. Most companies that offer umbrella or excess liability policies will not offer such a policy unless they also insure your home and or vehicles. The reason for this is that under the policy you are required to carry policies on your home and vehicles but are required to carry certain limits of liability on these policies. It s much easier for the company to monitor these policies and required limits if they handle these policies. There are some companies that will write these separately but the prices are much higher under these circumstances.
If the insurance company is licensed to sell insurance in that state , such as the national franchised companies (State Farm, Allstate, etc.,) then you can stay with them. But you have to notify them of the state you have moved to because different states have different insurance rates and laws.If you are with a small, local, private agency, then you will have to change to one in your state once you move.A bit of extra information:The larger, national companies are called "captive agents" because they can only write policies for that one company. The small, privately owend agencies are "independent agents", because they write policies under different companies. They are able to assess your insurance risks, needs, etc., and then write your policy with the company where they can get you the best rate.
No. A moped cannot be written on an auto insurance policy. It would have to have a seperate motorcycle policy in order to be covered. Usually, but not always, companies that write one do not write the other. We have 3 insurance companies that write motorcycle insurance and non of the 3 offer an auto policy.
In order to get a surety bond for bail, you need to work with a licensed agent who is appointed with a bail bond insurance company (surety). Bail is like any other insurance policy. You have insurance companies that have representatives that sell their policies. Bail agents in that sense are just like insurance salesman. You go to their office, pay a premium for the policy, and you are insured. Now what you are insured for is very different than life or health or something like that. You are basically getting an insurance policy that you or a defendant will show up in court. Bail agents that write with insurance companies can be identified on each states department of insurance website. It will typically tell you information on the agent including which insurance company they write with.
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