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  1. #1
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    CAR INSURANCE CANCELLED

    My car and truck insurance was recently cancelled by one of the Big 5 insurance companies. They said we had too many insurance claims--which we had. The crowning blow was when an uninsured motorist pulled out in front of my wife in the rain, and caused $5K damage. And it didn't help when my daughter's boyfriend totaled out my 2012 Honda Civic SI when he was an unauthorized driver. The other collisions had been either my daughter's or in two instances where my cars were stolen and returned wrecked.

    I pulled a free Lexus/Nexus record summarizing all my automobile insurance claims. And I pulled a Lexus/Nexus report on my homeowner's insurance. These companies keep records that are assigned a risk number--like a FICO score. This company is also under the Fair Credit Reporting Act like credit bureaus where you have the right to rebuttal and the right to voice your comments.

    In my case, the uninsured motorist claim is being worked by the insurance company trying to recover my deductible. It should not have been counted against me as our fault. I moved my insurance to State Farm, and they doubled the premiums on each of my 4 vehicles. I'm sorry, but a Toyota Camry is not worth $2,800 for a year's insurance premiums.

    Most insurance companies might look at your Lexus/Nexus reports (and driving record) if you have three claims within three years. And most companies are looking back 5 years. If you have been unfortunate to have teenage (or young adults) driving your cars, you could have some information out on the internet that could cost you serious money in increased premiums.

    I will be rebuting some of the information on my Lexus/Nexus report, and I'll be checking it every year in the future for accuracy. It's also a great idea to get any kids off your insurance policy as soon as possible. Guarding your Lexus/Nexus automobile insurance report is just as important as guarding your three major credit bureau reports.
    In my case, this may affect our lifestyle. While we don't buy new cars/trucks every year or two, you never know when you may need to replace a vehicle. Until some reported claims drop off my Lexus/Nexus report, I'll not afford additional insurance on any new cars for the next three or four years. It's bad enough having to insure two boats, two houses and a recreational vehicle on top of the cars/truck.

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  3. Member
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    #2

    USA

    No human may have actually looked at your policy. The computer may have seen your last accident show up on the
    spread sheet and automatically cancelled you. Hope your luck changes.

  4. Member spinningreel's Avatar
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    #3
    Given all that "history" I can't say I blame them.

    Sounds like its past time for the daughter to grow up get her own Insurance, and boyfriend to buy and drive his own automobile.
    Buy Made in USA!!

  5. Member turfy49431's Avatar
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    #4
    Quote Originally Posted by spinningreel View Post
    Given all that "history" I can't say I blame them.

    Sounds like its past time for the daughter to grow up get her own Insurance, and boyfriend to buy and drive his own automobile.
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  6. Member 1stindoor's Avatar
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    #5
    Last night my daughter (23 yr old) bought and financed her first car and took out her own insurance policy. I texted my wife, "I just dropped Grace and her old Honda off our policy and saved hundreds of dollars!" Just like an insurance commercial. I feel your pain. My daughter had just totaled her college graduation gift. A 2017 Honda Civic...bought 19 months ago.
    2016 Nitro Z21

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    #6
    Going through this myself with my last daughter, I know what you mean about higher premiums. One thing I was cautioned about by a friend was keeping my young adult children on my insurance. His 21 yr old daughter had just graduated college. First job with not much money but out of his house. Trying to help out they kept a car that he had bought for her while she lived at home, under his name. She paid the insurance premium as well as the car payment. She unfortunately was at fault of an accident that seriously hurt somebody in another car. He was also held liable because he still technically owned the car/insurance. He and his wife had to re-mortgage their home and significantly dip into his 401k retirement plan to pay the settlement. His daughter had no assets. So I transferred the title to my daughter as soon as she was 21 and no longer a college student. Still payed her premium until she got better established but she had her own policy and owned the car.

  8. Member 1stindoor's Avatar
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    #7
    You're a better dad than I am. I offered to co-sign her loan...but it's all out of her pocket now. I figure it's gotta hurt her some for her to learn the lesson.
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  9. Member
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    #8
    So you have 4 vehicles, 2 boats, 2 houses, and a rv........but you're complaining about the insurance cost.....but please continue your whining.

  10. Member 1stindoor's Avatar
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    #9
    ^^I'm purely speculating here...but do you know how you get to a point in your life where you can afford 4 vehicles, 2 boats, 2 houses, AND a RV? Don't pay more than you have to for other things...like insurance.
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  11. Member
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    #10
    Quote Originally Posted by 1stindoor View Post
    ^^I'm purely speculating here...but do you know how you get to a point in your life where you can afford 4 vehicles, 2 boats, 2 houses, AND a RV? Don't pay more than you have to for other things...like insurance.
    You're right. It's about being frugal on the small things in life. And it helps to have a grandmother that bought 200' of prime waterfront property in 1945 for $4,500--that would cost you $500-600K in today's market. It also helps being raised in ultra low cost of living places that allowed early retirement at age 58.

  12. Member
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    #11
    Quote Originally Posted by Bamaman View Post
    You're right. It's about being frugal on the small things in life. And it helps to have a grandmother that bought 200' of prime waterfront property in 1945 for $4,500--that would cost you $500-600K in today's market. It also helps being raised in ultra low cost of living places that allowed early retirement at age 58.

    AHHH, so it's an entitlement issue. You have the land and the wealth and should be above such lowly things as insurance and accountability for actions

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    #12
    Quote Originally Posted by kojimep View Post
    AHHH, so it's an entitlement issue. You have the land and the wealth and should be above such lowly things as insurance and accountability for actions
    You know, I didn't take his post that way at all. He acknowledged that he had had too many claims on his policy which led to the cancellation. I read it more as a cautionary tale based on his experience (such as getting the kids off of your policy as soon as possible) and reviewing the lexus/nexus report for accuracy.

    As far as what assets he has accumulated I reckon he has worked for and earned them but is now paying through the nose for insurance. I'm just glad that I have no claims on my 1 house, 2 auto, 1 boat policies (yet).
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  14. Member
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    #13
    Quote Originally Posted by Goldstar225 View Post
    You know, I didn't take his post that way at all. He acknowledged that he had had too many claims on his policy which led to the cancellation. I read it more as a cautionary tale based on his experience (such as getting the kids off of your policy as soon as possible) and reviewing the lexus/nexus report for accuracy.

    As far as what assets he has accumulated I reckon he has worked for and earned them but is now paying through the nose for insurance. I'm just glad that I have no claims on my 1 house, 2 auto, 1 boat policies (yet).
    I wish there was a hint of wealth. My intentions are to notify you that the credit bureaus are not the only source of information you have to watch closely. Lexus/Nexus receives information on automobiles, trucks and homeowners' insurance--and also driving records. I have 2 erroneous charges on mine that need correcting, and they may or may not have been the deciding factor on my insurance cancellation. And having to go to high risk insurance comes at a 100% increase in premiums--that could be charged for many years. Insurance companies are looking for no more than 3 claims in 3 years, and they look back 5 years when pricing policies.

  15. Nitro Boats Moderator BMCD's Avatar
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    #14
    I agree with Goldstar225 , I think the earlier entitlement comment was uncalled for , and misplaced.
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    #15
    Quote Originally Posted by BMCD View Post
    I agree with Goldstar225 , I think the earlier entitlement comment was uncalled for , and misplaced.
    +1

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    #16
    But....But.... you have one of the very last 7.3’s made

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    #17
    Quote Originally Posted by spinningreel View Post
    Given all that "history" I can't say I blame them.

    Sounds like its past time for the daughter to grow up get her own Insurance, and boyfriend to buy and drive his own automobile.
    +1. Not trying to be harsh to the OP, but even with a UM claim they still have expenses related to all of the follow up, etc in settling the claim. With the amount of claims you have, and with an ultra - preferred tiered company, no surprise that they non-renewed your policy. I was close to the same situation with my son on my policy. He was finishing school and didn't live with us so I took him off of my policy and helped him with his own policy. Saved us a ton. Might be time for you to help your daughter get her own policy and title the vehicle in her name.
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    #18
    Quote Originally Posted by Tromanoski View Post
    She unfortunately was at fault of an accident that seriously hurt somebody in another car. He was also held liable because he still technically owned the car/insurance. He and his wife had to re-mortgage their home and significantly dip into his 401k retirement plan to pay the settlement. His daughter had no assets.
    This is what happens when you are under insured. As we grow older and aquire more wealth, we need to increase the limits on our policies accordingly and add an umbrella policy which would cover cars, houses, boats, pwcs, etc.