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    Thread: Insurance Question

    1. 05-14-2007 10:47 AM #1
      I recently bought a house, so I needed to start a homeowner's insurance policy. I contacted the company that I insured/financed my car with to start homeowners coverage. They call me back later that day to inform me that they are denying coverage and will not renew my auto policy at the end of the 6 month period because I was receiving a (good student) discount that I didn't qualify for. I graduated from college in '05, but I was aware that many insurance agencies allow drivers to receive the discount after they graduate. My insurance company's website even said I was eligible for the discount until my 25th birthday, which is in 2008. I've contacted them a few times to clarify the miscommunication, but they won't give me the benefit of the doubt. An underwriter I spoke to said that their website was relatively new and they were still working out the "bugs." I promptly paid off my car that day too because they were willing to continue to finance my car, but they wouldn't insure it. [IMG]http://*****************.com/smile/emthdown.gif[/IMG] My family has been a customer of this company for over 35 years, if that's of any value.
      I'd have no problems with changing insurance companies, but my current premium (~$780/6 mo) is very low compared to other companies' quotes (~$1300/6 mo). Do I have any recourse in this situation or should I just switch and call it a day?

    2. 05-14-2007 11:59 AM #2
      I have not heard of companies allowing you the "Student" discount after you graduated. The 25 yo thing just means that you are eligible for the discount if you are a student up to 25yo. Besides when you turn 25 your rates should go down anyways. However, I don't see why they wouldn't renew your policy and give you a homeowners policy since you are giving them new business. Maybe they feel they have been defrauded in some way and view you as a risk. Pretty lame if you ask me. I still don't understand how your rates are almost double at another company. Did you recently have some accidents, tixs or ???

    3. 05-14-2007 12:18 PM #3
      I had a no-fault claim in December. I hit a down tree during a windstorm. My premium didn't go up since it was a no-fault claim, but it doesn't matter to other insurance agencies.
      State Farm was one of the companies who allows the good student discount after graduation...in fact, they give you the benefit of the doubt in that situation.
      What gives me the red ass is that their website said I was eligible...so, I took the discount and forgot about it. I still have two weeks until my policy expires (convenient for them, huh?), so I have some time to appeal and/or continue to shop around for a new insurer.
      At least the car's paid off.

    4. 05-14-2007 07:49 PM #4
      Did you get this in writing? If they're choosing to cancel/non-renew your policy, they need to send it in writing and it must be sent within x amount of days before the renewal/cancel date (how many days depends on your state).
      There has to be something else that's making them jump off your policy.

    5. Member e_andree's Avatar
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      05-15-2007 09:15 AM #5
      Check out http://www.insurance.com
      Theyll shop around for you.
      Last night I plugged in all of the info, and got quotes from 6 different companies. 3 were right at what Im paying right now, 1 was higher, and 2 were HALF of what Im paying now. Not sure how that can be though.

    6. 05-15-2007 11:39 AM #6
      Quote, originally posted by Sandra Christina »
      Did you get this in writing? If they're choosing to cancel/non-renew your policy, they need to send it in writing and it must be sent within x amount of days before the renewal/cancel date (how many days depends on your state).
      There has to be something else that's making them jump off your policy.

      Good to know; I'll research this some more. Thanks. [IMG]http://*****************.com/smile/emthup.gif[/IMG]

    7. Senior Member ChrisMD's Avatar
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      05-15-2007 09:24 PM #7
      Quote, originally posted by Arthrogrian19 »
      State Farm was one of the companies who allows the good student discount after graduation...in fact, they give you the benefit of the doubt in that situation.

      State Farm continued my good student discount after I graduated from college but it went away at 25. If I remember correctly, I sent them my final transcript showing I graduated with honors and that was good enough.

    8. 05-15-2007 09:52 PM #8
      Quote, originally posted by ChrisMD »
      State Farm continued my good student discount after I graduated from college but it went away at 25. If I remember correctly, I sent them my final transcript showing I graduated with honors and that was good enough.

      Yep, same thing here. I sent them my transcript, and they have it on there. I don't know if it'll work like this, but I hope that I'm still in school when I'm 25+ and I can get that discount on top of the 25-year-old discount.

    9. Senior Member ChrisMD's Avatar
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      05-15-2007 10:11 PM #9
      Quote, originally posted by Hotpockets »
      I don't know if it'll work like this, but I hope that I'm still in school when I'm 25+ and I can get that discount on top of the 25-year-old discount.

      I don't think it works that way. Their statistics tell them that kids who get good grades are less of a risk on the road so they reward those kids with a discount to offset some of the "Oh my God, you're a menace to society just because you're under 25 so we're going to jack your premiums up to the moon" figures. Once you turn 25, you're assumedly no longer a menace (although I beg to differ with many of the jackasses on the road) and your premiums settle to a "normal" rate rendering the student discount unnecessary.

    10. 05-16-2007 03:50 PM #10
      Update: Everything's been worked out. A few phone calls, a nice letter, and 35+ years of family business took care of the problem. [IMG]http://*****************.com/smile/emthup.gif[/IMG] I'm glad to be back!

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