Does Your Carriers Allow You to Backdate?
- Thread starter iiinycboi
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- 414
I can backdate up to 7 days on personal lines and 30 days on commercial if I show proof of prior. This only happens when someone "forgot" their current policy renewed a few days ago and wants the effective date of the new policy to be the same.
I have a feeling the answer will vary a lot by state and by carrier. Some carriers I have will allow backdating for a few days, others, no way, never. Of course, cancellations can be backdated, with proof of other coverage (or sale of vehicle).
Some carriers will require a no-loss letter to backdate, which is great for them, since they get to charge premium and know there isn't a loss during that time
Now, you have to ask yourself, why do you want to backdate? Did you have a bindable policy a few days ago? I know agents get busy and forget to submit, and need to fix this. But on a client request, that becomes a red flag almost immediately.
Dan
Some carriers will require a no-loss letter to backdate, which is great for them, since they get to charge premium and know there isn't a loss during that time
Now, you have to ask yourself, why do you want to backdate? Did you have a bindable policy a few days ago? I know agents get busy and forget to submit, and need to fix this. But on a client request, that becomes a red flag almost immediately.
Dan
- Thread starter
- #4
oh it just came to mind, and want to educate myself for future.
If i was a directly appointed with one carrier and i wrote a case for someone. I forgot to submit and thought i did for like 2 weeks. can i technically go in and bind it for 2 weeks prior.
oh and what sparked this curiosity was a guy came in with a policy dated 8/20/12 and its 8/21/12. wondered if i could have wrote his account and back date it to 8/20/12
i didnt know so i told him we saved him a bunch of money if he changes and we can do a prorate refund on his renewed policy. He didnt want to go through the hassle and said next year =(
If i was a directly appointed with one carrier and i wrote a case for someone. I forgot to submit and thought i did for like 2 weeks. can i technically go in and bind it for 2 weeks prior.
oh and what sparked this curiosity was a guy came in with a policy dated 8/20/12 and its 8/21/12. wondered if i could have wrote his account and back date it to 8/20/12
i didnt know so i told him we saved him a bunch of money if he changes and we can do a prorate refund on his renewed policy. He didnt want to go through the hassle and said next year =(
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