Switched insurance, old insurance not cancelled, accident, questions

[Thatguy99]

Hi all,

Thanks to the people here for trying to help people out. I switched insurance carriers several months ago. I thought I cancelled the old insurance when I switched, but it looks like I didn't. My daughter got into an accident yesterday where traffic stopped in front of her and she didn't stop in time, her fault. 2014 Chevy Equinox. My new insurance does not have collision coverage for this vehicle, my old insurance did. How is this handled? I meant to cancel the old, but didn't. I already contacted my new insurance company.

How should I handle this? I am guessing the damage to our car is several thousand dollars, maybe totalled, not sure. The premium on the old policy is probably about $1500 for the period that I had the duplicate coverage. Before this accident, I was hoping to be able to get that back if I proved to them I had the same coverage, but now of course since I have collision coverage on that one, I'm hoping I'm covered?

I hope someone could help me with some advice. Thank you very much!

 

[adjusterjack]

You paid for the policy, you're covered. Read both policies carefully. The Liability section of each should say something about duplicate coverage. Typically, each company will pay its pro-rata share of any liability claims.

The collision coverage on the old policy will pay for your car.

Report the accident to the old insurance ASAP. Don't take any crap from the old insurance company. There is nothing in the policy that says you can't have two policies.

Don't voluntarily cancel the old policy. Let the $1500 run it out. If the company cancels, it will have to send you notice and can't backdate the cancellation.

 

[Thatguy99]

Thanks very much! Does anyone know how far back insurance companies usually allow you to go back and get premium refunds?

 

[fed up]

Don't be stupid. You are going to place a claim on your "old" carrier with a date of yesterday. You do not want to start seeking a refund of premium from that carrier. Maybe you cancel the newer policy back to inception but expect your rate to increase if you ry to bind that policy again because of the new claim.

 

[marindependent]

Don't be stupid. You are going to place a claim on your "old" carrier with a date of yesterday. You do not want to start seeking a refund of premium from that carrier. Maybe you cancel the newer policy back to inception but expect your rate to increase if you ry to bind that policy again because of the new claim.

So true.

 

[adjusterjack]

Does anyone know how far back insurance companies usually allow you to go back and get premium refunds?

A week or two at best, and that's with a no claims affidavit.

I agree with the others. Do not cancel anything. Wait until after the claims are settled and your car is taken care of. Then decide which policy you want to keep. Now that you have a taste for what Collision coverage is worth to you, you might want to keep that one and pay the next premium when it's due.

 

[Allen Trent]

My new insurance does not have collision coverage for this vehicle, my old insurance did.

Follow all the advice you were given above.

But my question going forward is whether you knew you were dropping collision coverage or did the new agent write the policy without it to give the impression you were "saving" money

I merely point this out so you can know what kind of a new agent or company you have that may have written you without collision if you showed them your existing coverage.

 

[adjusterjack]

Good point. If the agent was negligent in writing the new policy without collision coverage, there could be a potential Errors and Omissions claim.

My new insurance does not have collision coverage for this vehicle, my old insurance did.

So, Guy, please explain how that change came about.

 

[Thatguy99]

Thanks for all the replies all, I appreciate it. No, I can't pin that change on them, I think I remember going through that with the woman reviewing it, and taking her suggestion to drop collision coverage on that vehicle. I guess not a smart decision!

 

[Allen Trent]

Thanks for all the replies all, I appreciate it. No, I can't pin that change on them, I think I remember going through that with the woman reviewing it, and taking her suggestion to drop collision coverage on that vehicle. I guess not a smart decision!

2014 Equinox had to have a value of $10k or more. Better to keep collision,maybe regular form with a high deductible. Most agents wouldnt think to drop collision until value is much lower or they confirm you are loaded enough with flush liquid cash to self insure