An insurance policy is a contract, and as with many contracts, it can be canceled or voided by either party. You can drop the contract by changing to another company. There are circumstances in which an insurance company can drop you, ask your advisor for details.
There are a few reasons that your claim can be denied, including:
- Filing a fraudulent claim exaggerating or fabricating an accident or loss
- Filing a claim under coverage you don’t have
- Filing a claim for a loss that is not included in your policy — for example, if you suffer an accident while using your car as a business vehicle
- Making improvements to your vehicle, such as giving it a fancy paint job, without notifying your company. The company might deny the claim or compensate you based on the original value of the vehicle.
- If you miss a premium payment, you may have your coverage suspended until you catch up your payments, or if you file a claim while your insurance is suspended it will be denied.
Some states allow companies to deny claims for other reasons, so it is a good idea to understand the fine print in your policy.
There are a number of ways to get insurance. It is important to understand that there are well-established insurance companies that offer excellent insurance coverage, and there are companies that were built solely to sell insurance and make money. We're here to provide excellent coverage.
Insurance is not an application for credit, so while insurance companies check your credit to determine your responsibility and financial security, they are not extending credit. A credit check for a insurance quote is called a “soft pull” and it does not affect your credit rating.
No. A policy number is an alpha-numeric code unique to each individual policy and carrier specific. An account number is a 10-digit number associated with a Preferred Choice Financial Group (PCFG).
If you have questions about your policy or payment plan, please contact your advisor.