I think I am going to have to start doing that. I know I charged this lady a $50 cancellation fee. Her premium was returned into my premium sweep account so I issued her a check minus $50 for wasting my time. She had me write an auto policy which she paid in full then found out two days later from her sister that that she should try Allstate which was about 20 a year cheaper a year.
Nationwide Dumping All Non Standard Lines?
- Thread starter insurance1822
- Start date
I sure hope you have a procedure of them signing a policy fee disclosure at the time of sale. At least here in Texas, you have to have a signed fee disclosure form in order to charge a policy fee. If you are just, on your own, deciding not to refund all of the premium and retroactively charge a "fee" then you could be sitting in some hot water some day.
I have her signature I just never did this before.
What part of Texas are you in?
- 1,481
I believe in TX you can't Pick and Choose who you charge a fee to. It has to be universal.
I understand many agents set up agency fees that target less that cool clients like so.
Pay in Cash in agency- $5
Policy for anyone that has three or more policy cancelations- $30
In office Id Cards- $5
after your 25th policy endorsement- Per Endo $10
This way the policy fees don't apply or bother your Preferred Clientele.
I understand many agents set up agency fees that target less that cool clients like so.
Pay in Cash in agency- $5
Policy for anyone that has three or more policy cancelations- $30
In office Id Cards- $5
after your 25th policy endorsement- Per Endo $10
This way the policy fees don't apply or bother your Preferred Clientele.
- 15,041
Good advice. Even if you can pick and choose, setting up rules that achieve the same thing is much safer. Harder to be accused of discrimination.
