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Insurance Term of the Day: Non-Renewal

Insurance Term of the Day: Non-Renewal

Insurance Term of the Day: Non-Renewal

Once upon a time, there lived a woman named Jane Doe. She was very satisfied with her relationship: her partner supported her, protected her, and always had her back when she made mistakes. Jane Doe wanted to stay with her partner, as she felt safe and comfortable. One day, however, Jane Doe received a break-up letter. It was titled: non-renewal.

Here are some valuable relationship lessons you can learn from your insurance company:

  1. When you build a bad track record, your partner will leave.
  1. When your partner feels like they are contributing more to the relationship, they will leave.
  1. When you move out of state, your partner will lose touch with you.

Receiving a non-renewal from your insurance company essentially means that you have been dumped. Your insurance company has rejected any future renewals of coverage. Why would someone get non-renewed?

  1. A bad driving record will get you non-renewed. Speeding and other traffic violations, or a DUI, significantly increases the risk of insuring you. Careless driving is essentially taking advantage of the coverage your insurer has agreed to provide.
  1. Filing too many claims can get you non-renewed, especially when you are at fault for the accident. The great thing about insurance is that the relationship is a two-way street. You give a little, so that the insurance company can give a lot–when necessary. After too many claims, the relationship is no longer balanced, and your insurance company has no choice but to non-renew your policy.
  1. Your insurance policy must be issued in the state you live in. When you move to a new state, your insurance company can non-renew you. You may have to find a new independent agent that is licensed in the state you move to.

Non-renewals are very serious. It is urgent that you find insurance coverage and have the policy issued the day your policy expires. A lapse in coverage could affect your insurance rates for years. The moment you receive a non-renewal letter, ask your independent agent to help you shop around for other insurance.

By: KayLynn P.

Be Confidently Insured.

-CONTACT US SIMPLE

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