• Skip to primary navigation
  • Skip to main content
  • Skip to primary sidebar
  • Skip to footer
Law Offices of Jonathan G. Stein Logo
(916) 247-6868
  • Home
  • About Me
    • Organizations, Publications and Presentations
  • About You
  • Practice Areas
    • Debt Collection
    • Estate Planning
    • Personal Injury
    • Landlord Tenant
  • Client Testimonials
  • Resources
    • Blog
    • Brochures
    • Helpful Links
  • Contact

Auto Insurance Pricing

October 23, 2005 by Jonathan Stein

Reading through Goggle groups again, I came across a post from a person who wants to switch insurance companies but is afraid that he will get a higher price at renewal. Do insurance companies bait and switch to get you to change to their company?

The short answer is no. Insurance rates are approved, in most states, by the Department of Insurance. The insurance company submits its underwriting criteria and a list of rates. You call the company and they figure out where you fit in. You get that rate. Your rate may go up if they have a rate increase approved by the Department of Insurance or if you are involved in an at fault accident or receive a ticket. But there is no bait and switch.

However, when should you change insurance companies? Financially, it makes the most sense to change your insurance company at renewal. If you change before that, the premium refund is calculated in the insurance companies favor. This is one reason, but not the only reason, some carriers off a 12 month policy – if you change before the 12 months, they come out ahead. Usually, you should change companies at the renewal, but you may want to change coverages at any time – especially if your circumstances dictate it.

Categories: Auto Insurance

Primary Sidebar

Sign Up For Our Newsletter Below

Lists*

Allow Me to Help You

    Footer

    Contact Us

      Practice Areas

      • Debt Collection
      • Estate Planning
      • Personal Injury
      • Landlord Tenant
      The information contained in this website is provided for informational purposes only, and should not be construed as legal advice on any matter. The transmission and receipt of information contained on this Web site, in whole or in part, or communication with The Law Offices of Jonathan Stein via the Internet or e-mail through this website does not constitute or create a lawyer-client relationship between this firm and any recipient. You should not send any confidential information in response to this webpage. Such responses will not create a lawyer-client relationship, and whatever you disclose will not be privileged or confidential unless this firm has agreed to act as your legal counsel and you have executed a written engagement agreement with The Law Offices of Jonathan Stein. The Law Offices of Jonathan Stein © 2023. All rights reserved. | Sitemap | Privacy Policy | Disclaimer