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View Full Version : Kind of specific insurance question?



Seanith
10-12-2005, 10:37 PM
Ok, so today I got my renewal form in the mail. So before I get a chance to go in and talk to the people myself, I thought i'd see if someone here had any opinions (facts prefered :D ) about something.

Ok, I have to renew my insurance in November, but pretty much a month after I am having a birthday. The reason I mention this is because under my rates, it says "Your rating is based on the following criteria: - Principal operator unmarried male age 21 or 22".

I am turning 23 in december, and that statement makes me think that there would be a rate decrease if I was paying for premiums as a 23 year old. I usually just pay for the whole year in a lump sum, but I don't feel like I should be paying 11/12 months a rate that I would be getting if I was a year younger. Am I correct in thinking that my rates will be less? Can I get insurance for a month and then renew when i'm officially older? :dunno:

guessboi
10-12-2005, 11:00 PM
yes you should be able to get some of your premium back once you turn 23...since 23/24 is a different rate (from some insurers)...just like when you turn 25...

you can pay a lump sum now...and remember to give your broker a shout when you turn 23 and your insurance company should rerate your insurance with an endorsement...and refund a portion of your premium...

Seanith
10-12-2005, 11:07 PM
Originally posted by guessboi
yes you should be able to get some of your premium back once you turn 23...since 23/24 is a different rate (from some insurers)...just like when you turn 25...

you can pay a lump sum now...and remember to give your broker a shout when you turn 23 and your insurance company should rerate your insurance with an endorsement...and refund a portion of your premium...

Cool thats good to know.. I'm going to go in there and ask them.

So do you think I could just pay the first month as a monthly payment, then when I came back the next month could I get a new rate figured out and pay the remaining lump sum for the new rate? Thats what my preference would be if its possible. Thanks for the reply.

guessboi
10-12-2005, 11:12 PM
yes you can.
depending on your insurer, you should be able to pay lump sum, 3 times, or monthly.
they may charge a fee (interest) if you decide to go monthly. so check that with your broker...

otherwise what you said should be fine!

:thumbsup: