Best Answer

They can retain policy fees, these fees usually cover the monies they had to pay for staffing at the time your application was generated. In order to cancel your policy seems simple to you, but it is an procedure to the insurance carrier.

User Avatar

Wiki User

โˆ™ 2004-06-24 22:21:07
This answer is:
User Avatar

Add your answer:

Earn +5 pts
Q: Why is it legal for an auto insurance company to keep your money if you requested a cancellation within 24 hours of the request for the policy?
Write your answer...

Related Questions

What is the procedure to cancel an auto policy with Progressive Insurance?

How to cancel your insurance policyYou have the right to obtain insurance from any company you like. You also have the right to change companies or cancel a policy whenever you desire. Just call them up and request cancellation, tell them you no longer want or need the coverage. Most companies will honor your phone request. Some may request that you put it in writing. A fax is usually sufficient.Alternatively if the company or agent is not agreeable, Just stop paying the monthly bill, That always effects a cancellation.Lastly, You can always file a complaint with your states insurance department. The Insurance company has no right to force you to to remain covered through them. Failure to honor your cancellation request is a violation of the states insurance regulations and can subject the company to thousands of dollars in fines by the state.AnswerIn New York there are two ways: 1: Prove to them that you have other insurance2: Return the plates to the DMVIn addition to the above a written request to cancel will also be needed.

How can I write a letter to requested adding my wife in my medical policy?

You don't need to write a letter. Call the insurance company and request the form you need to do this. You may also be able to do this online with the company.

When you request an auto insurance quote does your current insurance company find out?


What insurance company reimbursed all of your homeowners insurance premiums when you sold your house?

None. If you sell your home, you report that to your home insurance company and request cancellation of the policy as it is no longer needed. You will then be entitled to a refund of any unearned portion of the remainder of your policy term but you would not be refunded for the period of time that the home was still covered.

How do you Cancel Home Owners Insurance and get a refund on remaining insurance due to home sale?

When you call you insurance company to cancel, they may want the request in writing...this is helpful if you have an agent, because you can just pay them a visit. The refund from unearned premium should be sent to you within a week of cancellation

What email address should you write to for Progressive auto insurance cancellation?

You will probably have to sign a cancellation request in order to cancel your policy in the middle of a term. I suggest that you call the 800 number if you don't have an agent.

What is the rating for federated national insurance company?

No A.M Best rating at company request.

How do you cancel a current health insurance policy?

Call the insurance agent or company and let them know you wish to cancel and request their method for doing such. If you are paying it through a bank draft I would stop the draft as well so that another payment is not drafted before the cancellation is processed.

Writing a insurance company to request the value of a life insurance?

Why write when you can make a phone call. Call the insurance company, your agent or your agents office and ask them.

Can a insurance company ask for a copy of your license?

Yes they can request a copy of your license as a part of your application of insurance. Usually they just ask for you number but they can request an actual copy

Request to Cancel Credit Card?

Get StartedThe Request to Cancel Credit Card is used to request the cancellation of a credit card. It may be a cancellation request for your credit card or you may be making the request on behalf of someone else, for example, on behalf of a card holder who has died.

How do you convert existing insurance to e-insurance?

You are to officially request your Insurance Company for such conversion who on receiving your request , will implement the same through their affiliate agency. In India, it is still in an experimental stage and will be fully implemented in the near future.

How do you get out of an auto insurance policy early?

If you have an auto insurance policy, and you want to either switch companies or cancel your coverage because your vehicle is no longer in commission, you have the right to do so. While the process of cancelling a policy will vary amongst insurers, most insurers will request a letter of cancellation in writing with your policy number, requested date of cancellation, and your signature to cancel your policy. If your vehicle is non-operable, some states will require proof of the date you reported the vehicle as a non-op to the DMV. If you are switching companies, you may be requested to provide a copy of the declarations page from the new insurer showing the effective date of the policy to backdate the cancellation. While some companies do not charge a fee for cancellation, others will short rate your premium and charge a percentage of the unearned premium if you cancel your contract before renewal.

How do you get business travel insurance?

In order to get business travel insurance, you would have to contact an insurance company that offers this service. Then request a quote for your business travel insurance.

Can you get auto insurance for a previous year?

When you are obtaining quotes for auto insurance, this insurance provider will give you quotes effective the date you request. The date requested must be either the date of the quote, or a date sometime in the future. If you are requesting for auto insurance for a previous year, chances are you are trying to get proof of insurance for a period of time you did not actually have insurance. Insurers will not do this as it will put their company at risk for paying claims they should not be covering. Even if you are willing to pay backdated premiums, no insurance company will backdate a policy because it is both illegal and risky for them.

How do you cancel progressive insurance online?

You can call the 800 number that is on the back of your insurance card and speak to the customer service person on the phone. They may make you sign a cancellation request or perhaps they can take a recorded statement in lieu of this.

What is the meaning of Insurance is the subject matter of solicitation?

'insurance is a subject matter of solicitation', which essentially means that insurance has to be requested or asked for, not sold. - Souvik Maitra To fully understand the meaning of this cryptic phrase, take a look at the wording of any insurance policy that has been issued by an insurance company to a customer. Every insurance policy says that the insurance company is providing you insurance against a risk on YOUR request/solicitation, i.e. the company agreed to sell you its insurance policy after you solicited or asked for such a sale. In legal terms, insurance is a product that should not be pushed by a seller, but should be pulled by a buyer. That doesn't happen in real life, though -- Kapil Bajaj

How do you get a copy of your policy?

If you've misplaced or lost your Insurance documents Just contact your Insurance Company. They will provide you with a new copy on your request.

Can you buy life insurance for more than amount determined by insurance company calculators?

Broad answer,Yes. Yes, you can choose to purchase more life insurance than indicated by the life insurance calculator. The insurance company will let you know whether they accept your request or not when you apply for the policy, if they feel you would be over-insured. There is nothing stopping you from buying a policy for a greater amount than the one specified by the company calculator. However, your final eligibility for the same will only be known when and if the insurance company accepts this request.

Do you have to reimburse private insurance company for medical bills?

May request you to reimburse those bills

What is a formal request made to an insurance company for payment of a loss is called?

Customarily, it is referred to as a "claim".

How can you get a duplicate 1099?

Call the company that generated the original (bank, mutual fund company, insurance company, the company you provided services to, etc), and request that a duplicate be sent.

Can I buy a life insurance policy on my live in partner?

Anyone can buy a life insurance policy on anyone, but the insurance company may request a medical examination of the person.

What is the cash value in an insurance policy mean?

The cash value is the amount of money your insurance policy is worth to the owner of the policy if the insurance is cancelled and the policy terminated. The insurance company will mail a check to the to the policy owner upon policy termination or cancellation by request of the owner. I would strongly encourage you to consult a professional in your area before cancelling an existing policy. There may be other options and alternatives to access the value of the policy without cancelling the insurance policy.

How do you write a service cancellation letter?

Dear Sir / Madam Re: Cancellation of Booking I am writing to request for a cancellation of my booking of your services for my planned function on August 10, 2010. I had requested for your services in planning for my Association's annual dinner at the Majestic Hotel but due to unforeseen circumstances, such as the unavailability of the venue on that day, the event has to be cancelled as no alternative date was given by the Hotel. Please accept my sincere apologies for this cancellation. When an alternative date is confirmed, I will contact you again for your services. Thank you for your kind understanding and cooperation. Any inconvenience caused by this cancellation is most regretted.