by drfoley444 » Mon Apr 19, 2010 04:45 pm
I`ve had insurance with farm bureau for 5 yrs. I had both my sons on policy + 4 cars and a travel trailer. recently my sons became unemloyed and could not pay there part. my self could not pay the 230 month my self. so i had to cancel policy. two days later I was able to come up with money for policy and went down to get my insurance reinstated. but because my son had a speeding tickit from over a yr ago. they wanted to charge me 450 a month to reinstate my policy? can I sue them? I fell like I`ve been slanderd here.
Posted: Mon Apr 19, 2010 06:17 pm Post Subject:
Sue them for what.... because you don't like the price they are charging? If so, there would be a line around the court house of people filing suit for this reason.
Rates are capp'ed by the state.
Posted: Tue Apr 20, 2010 02:05 am Post Subject:
Once the policy lapsed due to the lack of payment, it's completely up to the company as to whether they want to reinstate you (or not) and to reinstate the same premium you had before the lapse...or not. It's obvious they're whacking you due to the lapse, and unfortunately for you, it's perfectly legal. You have to remember that it wasn't the insurer's fault you didn't pay your premium...the fact that they're even willing to reinstate you is, while not astonishing, isn't always the case.
If you have a long history with the company, they may be willing to reinstate you without a lapse in coverage, but you're going to have to sign a "No Loss Report" document stating that you haven't had any losses since the lapse. The fact that they this hasn't been offered to you tells me that either (1) your history with this company isn't long, or (2) you've had prior losses or tickets, or (3) you've had lapse problems in the past, or (4) your company is lame. Not likely the last one as the premium you were paying is pretty reasonable given the teenagers in the house, but this is a subjective area as well.
You can always shop around, but every carrier is going to ask you who your current insurer is, and you don't have one. That alone is going to create higher rates. I would talk to my agent- he's supposed to try and help you.
By the way- you haven't been slandered in any way, shape or form. Slander is spoken defamation of one's character. Libel is the written form of slander. You've been neither slandered nor libeled- you've been cancelled due to non-pay. Not trying to be mean, it's just that you can't put this one on the insurance company.
InsTeacher 8)
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