Car Insurance policy pending waiting on the approval of the underwriter. If the underwriter don't except the policy can I get my money back?

  • by Roche
  • Oct 08,2017
  • 11 answers

Car Insurance policy pending waiting on the approval of the underwriter. If the underwriter don't except the policy can I get my money back?


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Insurance Answers (11)

Jerome 5 days ago

Gangsta

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Casey Y 7 days ago

Assuming the application is never bound, you get back your money. Possibly less a small service fee, but probably everything back.

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mbrcatz last week

It depends. Did you ask for coverage to be effective a future date? If so, if the underwriter wants more money for it, and you choose not to buy the coverage after all, AND YOU TELL THEM PRIOR TO INCEPTION DATE, they will refund 100% of the money. But, if the underwriter wants more money for it, and the insurance company is ALREADY providing coverage, they can keep the money for the earned premium up until the date you tell them (in writing) to cancel it.

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Robert last week

Yes

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lucy last week

My guess is that they have agreed to accept you for a policy, (but) many times the quote you got could be “subject” to underwriter approval, in other words, based on what you say on the application, accept you, but after the underwriter may look at your license to verify no tickets, or (if) they run a C L U E report, which will show any other accidents or other information, (plus) many companies will run your credit, and if you have lousy credit will charge you more, if good, then less, (that) could affect the cost of your premium.
This usually happens more with online quotes, since it just gives you a “general” cost to insure you, but after they accept your money and run your license, credit or the C L U E report, may come back with the “correct” premium based on the type of risk you are.
So, depending (if) they already accepted a premium from you, then look to poster car 253 for the answer.

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H. Marie last week

you should since there is some action that has to be done before the down payment is actually applied to the policy

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fcas80 last week

Yes.

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car253 last week

When there is a non-bind application and you are waiting for an approval, no money is collected. If they took your money then you are covered. Make sure you have a receipt. If the application was binding (that means they are covering you) and later run your DMV record and do not accept you, then you are covered until the day they cancel your policy. And, they will charge you for the time you had coverage.

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Common Sense last week

Yes, absolutely yes. Without coverage, there is no premium.

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Judy last week

yes

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28AKO last week

yes

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