Problems With Your Insurance Company

by Wisconsin Car Insurance on October 13, 2011

The first thing you need to verify before purchasing a policy from a company or agent is their legality. There are many companies and people out there dealing these contracts, but some of them may not be licensed in Wisconsin.

If you have any complaints with an insurer or agent, contact the OCI right away. What you need to do is fill out the complaint form provided by the OCI regarding the problem you may be having. It’d be helpful if you’d fill out the form as accurately possible, plus with all the specific details. The complete company name, address, and names of people involved must be given as well. Doing so will insure that the investigation on the person or company you’ve dealt with is done faster.

If you deal with a licensed company and have complaints, the OCI will conduct the proper investigations needed to determine which specific law/s has been broken, and then proceed with disciplinary actions accordingly. The penalties given will depend on which law has been violated, but some of the possible sanctions include fines, suspension, or even revocation of licenses to do business.

Another problem with dealing with unlicensed insurance providers is the possibility of not being able to collect claims from them. That means there’s a chance that they won’t be paying you for any damages sustained during a vehicle accident. If the other party involved decided to take legal action against you, your “insurer” won’t be able to provide you with an attorney for legal defense either.

Furthermore, there’s something known as the Wisconsin Insurance Security Fund, which serves to the benefit of drivers within the state. In the unlikely event that a licensed insurer becomes bankrupt, this fund will be used to pay for any claims you may have. However, this funding cannot be granted to you if the company you’re being insured by is unlicensed.

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Termination, Denials And Cancellations

by Wisconsin Car Insurance on October 13, 2011

First of all, drivers have the right to be insured without discrimination. This means the insurance company cannot in anyway use characteristics such as gender, race, location, age or religious views as the basis of denying your application or renewal of a policy. Even if you were to have a past criminal record or previous mental disability, the insurer still couldn’t use any of these to deny or terminate your coverage.

There are no forms of discrimination whatsoever when it comes to buying an insurance policy. However, they may use these “classifications” when determining the rates you’ll be made to pay them, so long as they’ve got records that reflect the classification’s level of liability. For example, drivers under the age of 25 pay higher rates in most states as compared to older drivers. This is because plenty of accidents involve this group, making them a larger risk to insure.

On the other hand, an insurer legally holds the right to cancel your policy at any given time within the first 60 days it begun. Here, they reserve the right to not justify their reason nor give a reason at all as to why they’ve decided to cancel the policy. Nevertheless, this cancellation of contract becomes effective only after you’ve received a written notice.

Another thing that you should take note of is their right to cancel your policy during its term and before its expiration. However, they have to state reasons to justify the act of doing so, such as nonpayment of the premium, or some other rules you may have broken which can be used as grounds for termination. Again, a written notice must be sent to you for this action to become effective.

The insurance company can also cancel policies with an indefinite expiration date. This will occur during the anniversary date of the policy. For this to become effective, a written notice must be sent out to you beforehand.

Other than cancelling your policy, nonrenewal of the contract is another thing that you should keep in mind. This takes place when your coverage has reached its expiration date. To do so, they are obligated to provide you with a nonrenewal notice plus the reason for nonrenewal at least 60 days before the expiration date. In the event they didn’t give you the written notice, the company will be obligated to continue providing coverage at the same terms and rate for the duration of the policy.

Lastly, your insurance provider may choose to renew your policy at a higher rate or under new terms. If the increase is more than 25%, they’ll be obliged to send out a written notice 60 days beforehand. If the increase is less than 25%, they won’t have to.

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Tips For A Wise Consumer

October 13, 2011

Even if you make good money, there’s no sense in paying any more than what you have to. There are a number of things you need to take into careful consideration before settling down with a certain insurance company. In this article, I’ll be showing you 7 tips that’ll help lower the rate you pay [...]

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For Your Protection

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When purchasing an insurance policy from a certain insurer, it’s important that you do a little background check on them before sealing the deal. Though highly unlikely, there’s still that small possibility that an insurance company can get in over their heads with debt and other liabilities; they too may have an abundance of financial [...]

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Insurance Marketing

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Getting a policy straight from the insurance company is one way of doing it, while obtaining it through an agent or broker is another. An advantage with buying through an agent is that you get to review a set of different policies and their corresponding rates. This will allow you to choose one that’s best [...]

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Credit Information

October 13, 2011

There are a number of factors that have direct impacts on your insurance rates. Nobody wants to have to pay any more than what they have to, so they do whatever they can to lower the premiums. One factor that can influence the rate the insurers charge you is your credit history. What they do [...]

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Collision Damage Waiver Coverage

October 13, 2011

With the accident rate going up, it’s always best to drive as safe as you can, especially when you’re renting a car. Getting into an accident would automatically make you fully responsible for any damages that have occurred, so you’ll be made to pay the entire cost for repairs and part replacements. On the other [...]

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Extended Warranties

October 13, 2011

A warranty on a product is basically a guarantee that the item will be repaired or have certain parts replaced free of charge, provided it has defected within the warranty period, and bugged down under normal operation. The same principle applies to the vehicles. Also known as service contracts, they give the driver piece of [...]

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Vehicles In Storage

October 13, 2011

Having insurance coverage for your vehicle is always a good thing, as it’ll protect you from costly repairs while on the move. However, if you’ve got more than one car, and one of them is just sitting in the garage for storage purposes, then you may not need to have a full policy which covers [...]

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Lender Insurance Requirements

October 13, 2011

Paying for a car in full may be difficult at times, which is why we need a financial organization to loan us the money, such as a bank or any other financial institution. In this case, having the vehicle covered by an insurance company should be compulsory, which is completely understandable since it’ll be protecting [...]

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