NYC Auto Insurance Problems

[nyc2phi]

Being licensed in a few states I can see different trends on how consumers treat the auto insurance market in their territory and by seeing these trends I've come to the conclusion that NYC is by far the least desirable place to offer your services.

This isn't because NYC is controlled by only one carrier or because one PIP claim can destroy your loss ratio, it's because of the mind set New Yorkers have about insurance.

I am constantly running into situations where insured's are not providing me with all the correct information such as household drivers and where they actually live.

I mostly came on here to rant but I also do have a situation that I would like you to comment on. I have a family friend insured that bought a car registered under his name but its actually the son who will be driving it. The son lives elsewhere in NYC so I told him that his son needs his own policy and to list him as additional registered owner on the vehicle. He said it will be too expensive and he wants to leave the car on his policy.

The car is already on the policy because my carrier added it when he called in but he didn't give the carrier the right info. What would you do here, would you go to your underwriter on this?

 

[insurance1822]

Ohhhhh that's tough because he's a family friend. If it wasn't a family friend I'd note the policy saying "insured mentioned he *may* have a son who's going to primarily use the vehicle, but is unsure at this time. I explained to the insured that if the vehicle will be primarily used by another driver blah blah blah balh that there could be a coverage issue."

since it's a family friend I'd just have the conversation w/ them so they're aware of the risks. make sure there's nothing left for debate. but if you put it in writing then you're clearly putting in writing that you knew this & didn't tell the company...


...so....I'd have a candid conversation off the record

 

[1manshow]

Is the family friend going to make up the 20k, 50K, etc on your contingency check when the douchbag kid kills someone with the vehicle? My guess...no big deal to them....We terminate this kind of cancerous relationship asap

 

[CaptiveGuy]

Is the family friend going to make up the 20k, 50K, etc on your contingency check when the douchbag kid kills someone with the vehicle? My guess...no big deal to them....We terminate this kind of cancerous relationship asap

Follow this advice, family friend or not it's your reputation and bonus with the carrier on the line.

 

[Italianik]

I thought you stopped messing with the Boro Auto Biz!

No advice, but I 2nd 1manshow and CaptiveGuy. You can just say, hey- I never do this. Not for friends, family, or any of my policyholders. Then suggest that another carrier may be a better fit.

You def want to stay on the up and up with your U/W. Once the circle of trust is broken, they can really make writing biz hard. And justifiably so.

 

[Arnage150]

Being licensed in a few states I can see different trends on how consumers treat the auto insurance market in their territory and by seeing these trends I've come to the conclusion that NYC is by far the least desirable place to offer your services.

This isn't because NYC is controlled by only one carrier or because one PIP claim can destroy your loss ratio, it's because of the mind set New Yorkers have about insurance.

I am constantly running into situations where insured's are not providing me with all the correct information such as household drivers and where they actually live.

I mostly came on here to rant but I also do have a situation that I would like you to comment on. I have a family friend insured that bought a car registered under his name but its actually the son who will be driving it. The son lives elsewhere in NYC so I told him that his son needs his own policy and to list him as additional registered owner on the vehicle. He said it will be too expensive and he wants to leave the car on his policy.

The car is already on the policy because my carrier added it when he called in but he didn't give the carrier the right info. What would you do here, would you go to your underwriter on this?

I always get a kick when a client tells me what to do. Like it's okay, I should just go along with them committing insurance fraud. lol.
That's a tough one as many people do that on Long Island and Westchester. It's very common. Geico would do it all day long.
Tough call my friend. I guess it depends on your relationship with them and how close you really are. You may lose a client and friend out of it.
If it was me I would probably tell him to go get a geico policy on that car and tell geico whatever the f he wants.

 

[Heather]

I ran into this yesterday. Driver calls on a referral, gives me a local address, that address is a single family home but there were already 4 cars insured at that address, with 3 different names. I asked if he had proof of address since his MVR listed the Bronx as his address. His response was "can't you hook me up" I am not doing that for anyone because if trouble goes down those people you hook up will throw you under the bus in a heartbeat and tell the insurance company or insurance dept. that you were in on it all along.

 

[insurance1822]

WOW...thank god I don't write business in this area. It's one thing to deal w/ pure *** bums..but these sound like BUMS WITH A MOTIVE.

...my gosh....

...a new type of bum...

....I never actually thought bums could think...?

...could reason...?

...Could surmise ways to advance themselves unless it's public handouts..?

...They are getting smarter...

 

[Heather]

Had another bum a few weeks ago. So my husband picks up the phone the guy says " just hit and ran some people in an intersection, they could not follow me since their car was F*ed up bad. So anyways its my moms car and we are now reporting to you that it was stolen since I have no license and we want a rental car to."
These people moved here from the city.

Now you know why I still need better customers.

 

[robtmccarthy]

wow that might win worst client ever!