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Can Insurance Companies NOT Give You Pro-rated Advance Back? |
Question by arshishb | Posted in Insurance
Hi, I took a motorcycle policy with Foremost Insurance on 3/9/07 for $621/year, to be activated on 3/10 when I bought my new motorcycle. On 3/22 I canceled the policy as I moved to another provider. On 3/9/07 I paid $258 as advance premium. My refund check is $113, so they decide to keep $145 for 12 days ?? I called them & they said that they do not give pro-rated refunds for motorcycles polcies. I asked them IF THERE WAS ANY SUCH NOTICE IN WRITING TO THE CUSTOMER & she stated that there
| Answer: Sounds like you got the "short rate" instead of the "pro rata rate" return of premium. This is very common, and I agree, it is not fair. However, I don't think there is anything you can do about it. I strongly suggest you work with a person (licensed agent), instead of using an on-line service. Usually your agent will fight for you and can sometimes get it changed for you to the pro-rata return. It is things like this that make us agents look bad. Your best recourse is to complain with your state's insurance commissioner's office. Sorry you had to learn it the hard way. |
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