Is there a penalty if you do not tell a new insurance company about having two speeding tickets?

Answer 1

It depends. One way or the other, your new carrier will find out about the speeding tickets. And, of course, when you got the speeding tickets matters, too.

If they're fairly recent (ie, in the last three years), your carrier can do a couple of things:

1. Drop you altogether for misrepresenting yourself on your application.

2. Raise your premiums accordingly, including back-dating your premium to the policy inception to include the charge for the speeding tickets.

If I were you, I'd let them know ASAP so you don't have any nasty surprises.

You changed companies because of the other insurance company's overbearing cost for their assigned points. Is there a penalty for the Insurance companies for not openly disclosing in their policies the $$ cost of their points on their insurees?

There is no penalty for not "disclosing" costs.

Insurance underwriting takes many factors into account and cannot be predicted or disclosed ahead of time.

At the time that the accident or crime shows up on your record, you will get your new insurance rate quote. It is your choice to accept the rates, or shop around for a better price.

If you drop your former insurance company and apply with another company without telling your past history, another company may refuse to insure new policy. It is better to keep old policy and shop around for better price for future policy change. Wait until your old policy expire before accept new policy with other insurance. Most other insurance will NOT accept if you still have your insurance policy in service. You may have to wait until it expire.