Insurance companies; closest thing I know of to legalized stealing. (Not blaming the agents, just the pencil pushers who run the companies.)
When the homeowners and car insurance I had with the local bank I do business with, through Kemper Ins., was up for renewal, I started doing research into different companies and rates. AARP just sent a flier about Hartford so I included them in the research. Funny, they were $1100/yr cheaper for the same coverage so I cancelled the Kemper polices and started with Hartford. About 45 days later I receive a cancellation notice from Hartford and call their 800 number since I am highly/easily confused. Seems there was a form I had to fill out and return called right to rate, Hartford failed to tell me that it was required in NC and it was buried deep within the policy. So I worked this out and the policy was renewed.
Fast forward one year, I receive my renewal rate sheet with the monthly payments detailed and something just doesn't look right. On the auto policy they went up $34/mo, roughly an 55% increase. So I called to ask why and was told they had a general 8.5% increase in NC because we are so liable to have accidents and there was a claim on my van three years before I started their policy. The phone call did not go well and I was getting irate talking to numerous people who could not and would not give me a straight answer. So I told them to cancel the policy effective 5 days in the future and they balked saying I probably couldn't get insurance that fast. Pure BS.
That same day I did more research and made more calls and finally settled on USAA, they were a little less than Hartford per month for car and homeowners and their effective date was the day prior to when Hartford was supposed to cancel. I was also told by Hartford I needed to give them at least 5 days notice to stop the next debit from my checking account so I gave them 6. Funny thing though, they still debited my account for the next payment.
So I call again and have to repeat my story several times as I climb the chain of command. Bottom line, they are claiming I didn't cancel until the date they took the debit, 6 days after verbal notice, and state it was a "short rate cancellation" so they are due a % of the payment. According the the NC Dept of Ins they can take a small % but not all. But they took it all and I can see no help coming for the NC Dept of Ins.
When I complained to the NC Dept of Ins the end result was I had to give Hartford written notice, not told that, they can keep the payment 100%, not told that and even with proof of the new policy effective date Hartford did not honor the cancellation date.
More to come later about New York Life about a life insurance policy once I cool down.
