Posted: Thu Jan 29, 2009 11:50 am Post Subject: insurance
I thought I made a post, about THIS subject.....maybe it was on another thread. I don't think any Insurance company would do this. When you buy Insurance, you're coverage starts the day you bought it.
Posted: Thu Jan 29, 2009 12:53 pm Post Subject:
I am wondering why an insurance company or even a person for that matter would want a back dated policy. Only two things come to mind when I read this.
1. The person was pulled over and has a certain period of time to show proof of insurance or 2. they were involved in an accident and do not have insurance.
Insurance companies are not that crazy to back date a policy...if it were me it would raise a red flag immediately.
Posted: Fri Jan 30, 2009 02:44 pm Post Subject:
AND even if you could back date the policy's effective date all premiums would have to be paid from that date to present.
Some life insurance companies do allow this, but, usually for no more than 3 months and it still has to be mathematically sound for a client to bother paying the back dated premiums for coverage they didn't have.
Posted: Fri Jan 30, 2009 03:13 pm Post Subject:
I can see a life carrier doing it as long as the person had not died before the current date (which is doubtful). If so, there would be no assumption of risk. But in the case of an auto policy (a ticket was issued), there is an assumption of risk so it's just not done (may not even be legal).
Posted: Fri Jan 30, 2009 04:05 pm Post Subject:
Yeah, I've never heard of P & C backdating.
It's done with life insurance to save insurance age and premium. It depends on the company whether or not they allow this.
Of course the person didn't die prior to underwriting so it's free premium to the life insurance company but would be less premium for the insured to pay over the life of the policy, for example, 20 or 30 year level term.
The payment of 2, 4 or maybe even 6 months premium may be well worth it rather than paying the higher premium for the older attained age for 10, 20 or 30 years.
For example:
$75 dollars for 3 months back premium equals $225 dollars.
$90 dollars in high premium or $15 dollars per month more even for 10 year level term would cost the client $1,800 more over the 10 year term.
Posted: Fri Jan 30, 2009 08:32 pm Post Subject:
Take a check to your state's department of insurance and let them know that you want to have a back dated policy issued for one day. I'm sure they won't have a problem directing you to the correct department.
Side note-
You may want to have your affairs in order as they may direct you to the pokey.
Posted: Sat Jan 31, 2009 12:12 pm Post Subject:
is it possible for me to get insurance backdated for one day for a ticket about 10 months ago
I'm sorry Brewt, but I find your post hysterical...bit of a procratinator are we? There is no agent that will do this..it's so against the law I don't have time to copy all the laws the agent (and you) would be breaking...pay the ticket honey and get on with life...oh, and get insurance for pete's sake!
Posted: Sat Jan 31, 2009 04:24 pm Post Subject:
I can see why you find this hysterical. Myself I get really aggravated when seeing people only want insurance when it serves their best interests. What could have happened in the mean time if he would have injured someone seriously? It is silly.
I can see back dating for life as Gary said. It is a win win situation for both the eprson and the insurance company. It sounds like a safe venture on top of that for all concerned.
Posted: Thu Jan 29, 2009 08:00 am Post Subject:
100% nope!
Posted: Thu Jan 29, 2009 09:09 am Post Subject:
May be you would get some insight from the following discussion,
http://www.ampminsure.org/auto/pre-dated-coverage.html
Thanks,
Rupert
Posted: Thu Jan 29, 2009 11:50 am Post Subject: insurance
I thought I made a post, about THIS subject.....maybe it was on another thread. I don't think any Insurance company would do this. When you buy Insurance, you're coverage starts the day you bought it.
Posted: Thu Jan 29, 2009 12:53 pm Post Subject:
I am wondering why an insurance company or even a person for that matter would want a back dated policy. Only two things come to mind when I read this.
1. The person was pulled over and has a certain period of time to show proof of insurance or 2. they were involved in an accident and do not have insurance.
Insurance companies are not that crazy to back date a policy...if it were me it would raise a red flag immediately.
Posted: Fri Jan 30, 2009 02:44 pm Post Subject:
AND even if you could back date the policy's effective date all premiums would have to be paid from that date to present.
Some life insurance companies do allow this, but, usually for no more than 3 months and it still has to be mathematically sound for a client to bother paying the back dated premiums for coverage they didn't have.
Posted: Fri Jan 30, 2009 03:13 pm Post Subject:
I can see a life carrier doing it as long as the person had not died before the current date (which is doubtful). If so, there would be no assumption of risk. But in the case of an auto policy (a ticket was issued), there is an assumption of risk so it's just not done (may not even be legal).
Posted: Fri Jan 30, 2009 04:05 pm Post Subject:
Yeah, I've never heard of P & C backdating.
It's done with life insurance to save insurance age and premium. It depends on the company whether or not they allow this.
Of course the person didn't die prior to underwriting so it's free premium to the life insurance company but would be less premium for the insured to pay over the life of the policy, for example, 20 or 30 year level term.
The payment of 2, 4 or maybe even 6 months premium may be well worth it rather than paying the higher premium for the older attained age for 10, 20 or 30 years.
For example:
$75 dollars for 3 months back premium equals $225 dollars.
$90 dollars in high premium or $15 dollars per month more even for 10 year level term would cost the client $1,800 more over the 10 year term.
Posted: Fri Jan 30, 2009 08:32 pm Post Subject:
Take a check to your state's department of insurance and let them know that you want to have a back dated policy issued for one day. I'm sure they won't have a problem directing you to the correct department.
Side note-
You may want to have your affairs in order as they may direct you to the pokey.
Posted: Sat Jan 31, 2009 12:12 pm Post Subject:
is it possible for me to get insurance backdated for one day for a ticket about 10 months ago
I'm sorry Brewt, but I find your post hysterical...bit of a procratinator are we? There is no agent that will do this..it's so against the law I don't have time to copy all the laws the agent (and you) would be breaking...pay the ticket honey and get on with life...oh, and get insurance for pete's sake!Posted: Sat Jan 31, 2009 04:24 pm Post Subject:
I can see why you find this hysterical. Myself I get really aggravated when seeing people only want insurance when it serves their best interests. What could have happened in the mean time if he would have injured someone seriously? It is silly.
I can see back dating for life as Gary said. It is a win win situation for both the eprson and the insurance company. It sounds like a safe venture on top of that for all concerned.
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