I received a quote for an auto insurance and they require a deposit and then the first premium payment. Will the deposit be refundable? Why is there a deposit? Thank you!
Total Comments: 3
Posted: Tue Feb 15, 2011 11:30 pm Post Subject:
Many states require an insurance company to keep an automobile policy in force for a minimum number of days before cancelling it. The deposit typically carries you through and sometimes past that date.
Posted: Tue Feb 15, 2011 11:31 pm Post Subject:
Also, insurance companies are required to provide you a certain number of days notice before cancelling your policy. The deposit will insure you during those days as well.
Posted: Tue Feb 15, 2011 11:33 pm Post Subject:
For example, in Florida, an insurance company cannot cancel an automobile insurance policy in the first sixty days unless the vehicle is sold, insured elsewhere, or the insured dies. Therefore, the insurance company will require a minimum of two months down to start a policy.
Posted: Tue Feb 15, 2011 11:30 pm Post Subject:
Many states require an insurance company to keep an automobile policy in force for a minimum number of days before cancelling it. The deposit typically carries you through and sometimes past that date.
Posted: Tue Feb 15, 2011 11:31 pm Post Subject:
Also, insurance companies are required to provide you a certain number of days notice before cancelling your policy. The deposit will insure you during those days as well.
Posted: Tue Feb 15, 2011 11:33 pm Post Subject:
For example, in Florida, an insurance company cannot cancel an automobile insurance policy in the first sixty days unless the vehicle is sold, insured elsewhere, or the insured dies. Therefore, the insurance company will require a minimum of two months down to start a policy.
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