I requested a quote from one of the well known national car insurance companies. It contained a caveat stating the "actual premium may be higher or lower depending on additional information (I) provide, or information (they) receive from consumer reports". That makes sense, and I understand they need an underwriter to review it, so I called them two days later to ask when I could received a finalized quote. The agent told me they ran my driving record, nothing changed, and he could email me a finalized quote right then. The quote he emailed still included that caveat. He insisted that's standard on all car insurance quotes, even finalized ones, and that if I make the payment I can lock in the price.
Having that language in a quote that is truly finalized sounds highly questionable to me. Am I just being paranoid, or am I correct in thinking that what he emailed me isn't really "final"?
"Your actual premium may be higher or lower depending on additional information…."
byu/PitcherPlant1 inInsurance
Posted by PitcherPlant1
4 Comments
Most (if not all) companies reserve the right to adjust and even cancel your policy within a certain period of time if new info comes to light. That language is CYA stuff for the company to make sure you don’t have anything in your record they haven’t found out about yet
Let them know if you have a college degree or Costco membership:).
Some states allow up to 60 days from effective date to change your premium.
Most companies give you a premium based on the info you give them, then order (costly) reports to verify that info when you move forward with purchase. This is 99% of the reason the premium would change. MVR, credit report, coverage verifier. The other 1% is stuff most people don’t need to worry about unless they already know they’re trying to do something misinforming.