Insurance Refund policy?

Question

Dear officer,

I just bought car April. Before the agent register the car, I had request the agent to stop purchased due to I need to transfer my car to my girl friends. But, the car argent(car sales man and the insurance agent are under same company)refuse to do so. Thus, I force cancel car insurance and refinancing. The refinancing process takes me 2 months time.Within this period I just put my car in the house.I keep on request the insurance officer to cancel my car insurance policy.But, they keep on delay me.They mentioned i need original certificate to cancel but they didnt sent me the certificate. Finally I get the original last weeks then I proceed with my cancellation. Due to the above delay,the amount of money refund reduce more than 45%. Now, they only inform me according to law i need insurance when i own a car. So, they will paid me start from the refinace date not the date i request to cancel. I feel they not etchical doing the business.Can you help me

Answer 1

If the car is financed, you need insurance. If the car is registered, you need insurance. If you had read the contracts, you would know that.

There aren't any officers here.

They are being ethical.

You just have very little understanding of how things work. You didn't read any of your paperwork. You didn't ask questions.

Answer 2

The hard lesson you just learned is to never buy insurance from the auto dealer. They are only (ONLY) looking out for themselves. The just made a commission on the car and on the insurance.

Next time, contact a local insurance agent to get your insurance placed with a reputable insurance company. I don't know of any good company that will require an original insurance certificate to cancel the policy. Once they receive notice, they will cancel the policy according to the terms of the policy (30 or 60 day notice).

That said, you probably had to have insurance to finance the car. When you canceled the policy, the insurance company automatically notified your lender and that is why you received a notice that you need to have the insurance in place.

Ask around where you work for a reference for a good insurance agent that can help you out of this mess.

Good Luck!

Answer 3

I dont know what state you are in, or whether you paid a finance premium for your insurance payments are not, and do not obviously know what your contract lets you do or not b/c your question doesn't spell that out. HOWEVER, if you look in the yellow or white pages of your phone book you can find the number to the Department of Insurance for the state you live in and you can call them and they can answer the question over the phone and look into it for you. Good luck.

Answer 4

Excess Refund
Relevance: 15.5% - -
Return of premium life insurance
Relevance: 13.2% - -
Kansas Insurance Commissioner
Relevance: 11.5% - -
Perpetual Insurance
Relevance: 11.2% - -
Term life insurance
Relevance: 9.1% - -
Vehicle insurance
Relevance: 6.7% - -
Variable universal life insurance
Relevance: 6.5% - -
Homicidal
Relevance: 5.8% - -
Health care systems
Relevance: 5.5% - -