by ben002 » Wed Apr 14, 2010 06:27 pm
Where can a person who has been convicted of a felony get home and auto insurance. It is also saying that this person had a major license suspension in 2007 for accumilation of convictions
Posted: Thu Apr 15, 2010 07:32 am Post Subject:
I have not much idea about this, but soon i will revert back you with my best idea..........Please keep patient...
Posted: Thu Apr 15, 2010 10:24 am Post Subject:
Well, did he consult any of the insurance carriers regarding coverage of late? Did he get rejected all this while? I'd also like to know the state where this person resides in.
Posted: Fri May 07, 2010 08:21 pm Post Subject:
Most states to my knowledge have a state “pool”, also referred to as an “assigned risk” or “residual market”. Typically how it works is the high risk individual can apply for coverage through the state pool, and the state will assign the policy to be covered by an insurance company writing business in that state. The states set this system up for this very reason, for people that are unable to get coverage through the normal markets. As a condition to do business in the state, the insurance companies are required to insure a certain percentage of the people that are in the “pool”. Unfortunately, in most cases, you will find the coverage offered to be very minimal while the premium charged to be higher than if he were eligible to get coverage in the normal market place. However, some coverage is better than no coverage.
Posted: Sat May 08, 2010 09:48 am Post Subject:
Most states to my knowledge have a state “pool”, also referred to as an “assigned risk
This is the very purpose of Assigned Risk. Insurers are given a % of AR cases in the same proportion as their market share of business in the state (usually defined on the basis of premium). If a company has 4.5% of the market, it will have 4.5% of the AR cases.
Expect that coverage may not be available in the amount you might want, although more than just state minimum liability limits should be available. You might also have to accept $1,000 (or more) deductible on collision/other than collision coverages. You will pay a substandard rate.
Posted: Mon May 10, 2010 02:32 pm Post Subject:
What State are you in?
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