Newtown Square Car Insurance

Great Rates on Newtown Square Car Insurance, One Call or Click Away! 

Looking for home, life, business, or Car insurance in Newtown Square Pennsylvania or the surrounding areas? 

We can help!  Call 215-646-5633 or click Newtown Square Car Insurance for an online quote from top rated companies in our area. 

You can also request online quotes from Erie Insurance when you click Erie Insurance Newtown Square Pa. 

Newtown Square Car InsuranceMistakes We Make When We Buy Newtown Square Car Insurance. 

In our previous article, you can read about a technique we discussed that some insurance companies are using to save themselves money. Click here to view the page. 

If your credit score is at a certain level certain insurance companies will not order your CLUE or MVR report which in the past has been used to set your premium rates. 

For example the CLUE report shows insurance companies how many claims you have had in the last 7 years and the amount paid. The MVR report shows what is on your driving record. 

By not running these reports insurance companies are saving millions of dollars each year. 

However this strategy could cost policyholders a significant amount of money down the road and we will discuss this next. 

This is Why You Want Your Insurance Company to Run Your Reports. 

The headline above seems counter intuitive.  Let’s say you have excellent credit score but 3 speeding tickets on your driving record and your current insurance company knows about your tickets and gives you a large rate increase. 

Why would you care if the next insurance company doesn’t run your reports and you conveniently let it ‘slip your mind’ that you have 3 speeding tickets on your record so you can save some money? 

Note how one policy specifies your responsibility to be upfront with your insurance company: 

FRAUD AND MISREPRESENTATION 

Coverage is not provided to any person who knowingly conceals or misrepresents any material fact or circumstance relating to this insurance: 

(a) at the time of application; or

(b) at any time during the policy period; or

(c) in connection with the presentation or settlement of a claim. 

If you ‘forgot’ to tell your company about the 3 speeding tickets on your record and they didn’t run your MVR when they issued your policy because you have excellent credit, did you not misrepresent yourself on section (a) at the time of application because you did not disclose the 3 tickets? 

It might be argued that you did in fact breach your contract at the time of you signing your application. 

Would your insurance company invoke this clause? 

It depends on a number of factors and the insurance company itself. 

Here is the more important question: Would you want to take a chance that your insurance company could rescind your policy from its inception as if it never actually existed right after you are involved in a bad accident involving serious injuries or a death that you were found to be legally responsible for causing? 

That’s a personal question that only you can answer. 

If the insurance company rescinded your Newtown Square car insurance policy as you were facing a large judgment would you now see the wisdom of being totally upfront with your insurance company right from the start? 

Naturally it would be too late after the fact, but it’s our opinion it would be a good idea for the insurance company to run the reports upfront, just in case something ‘slipped your mind.’ 

In our next article we will discuss a situation that doesn’t involve a large legal judgment but a large rate increase when companies don’t run reports initially from the start. 

Great Rates for Car Insurance in Newtown Square are One Call or Click Away! 

Call Humphries Insurance at 215-646-5633 or use our online insurance rate quote system when you click: 


Tagged:

  • Car Insurance

    A common mistake made by insurance shoppers is assuming coverage is identical between insurance companies.

    You might have the same limits of liability and deductibles with two different insurance companies, yet the claims results can be completely different.

    That's why it's important to work with our insurance team. We will help you put together an insurance plan to meet your individual needs.

    Call us today at 215-646-5633 or use our convenient online rate quote system when you click on instant quotes for car or home insurance!

  • Home Insurance

    Do you know the difference between the HO3 and HO5 Policy Form?

    The difference in coverage between the two policy forms might mean the difference between a claim being covered or denied on your personal property!

    The HO5 is a superior policy yet the majority of home insurance policies sold today is the HO3!

    Call us today at 215-646-5633 or use our convenient online rate quote system when you click on instant quotes for home insurance to learn why the HO5 is better!!

  • Business Insurance

    There are a variety of different types of business insurance policies available for companies.

    From General Liability, Business Property Coverage, Commercial Auto, Workers Compensation Insurance, Employers Liability Insurance, Professional Liability Insurance, Commercial Crime Coverage, Inland Marine Coverage, Cyber Liability Insurance, and many more.

    We at Humphries Insurance can help you choose the coverage most appropriate for your company.

    Call us today at 215-646-5633.