insurancequestion
Expert
- 78
When I quote a home or auto for a certain date..for example lets say 7/15...and the prospect doesn't go with the 7/15 date...and decides to put the policy in place on 8/1....why does sometimes the premium go up?
Rates Change after quoting
- Thread starter insurancequestion
- Start date
- 2,301
Rate increase already in system for carrier, loss of early signing discount
- 5,502
It could be gremlins, too.
- 357
It usually gremlins. Google it.
- 2,377
Lots of reasons.
Did you change the date of the expiration of the old policy to cover up to or beyond the new start date?
Did the insurer change rates between July and August?
Did you lose a discount by changing the date?
Did the insurer recast the mileage calcuation?
Did the estimate/quote age out in the system?
Did a new accident, ticket or other incident hit her/his/x rate?
Lastly - Why does it matter? And I really mean this question. If an auto premium going up $50 to $100 changes the outcome of a sale, you are [no pun intended] selling yourself short. Tell your potential clients that these are estimations based on the information provided and are the most accurate that you can provide at this time. Discounts and exact pricing are not guaranteed. Or you could just tell the honest friggin truth, sometimes we don't know why the software systems increases or decreases pricing.
But...if you must [waste your time] call up the insurer and see if you can get them to accept the old premium. Until of course the premium goes up again, for some new reason at renewal and you can start the whole process all over again.
Did you change the date of the expiration of the old policy to cover up to or beyond the new start date?
Did the insurer change rates between July and August?
Did you lose a discount by changing the date?
Did the insurer recast the mileage calcuation?
Did the estimate/quote age out in the system?
Did a new accident, ticket or other incident hit her/his/x rate?
Lastly - Why does it matter? And I really mean this question. If an auto premium going up $50 to $100 changes the outcome of a sale, you are [no pun intended] selling yourself short. Tell your potential clients that these are estimations based on the information provided and are the most accurate that you can provide at this time. Discounts and exact pricing are not guaranteed. Or you could just tell the honest friggin truth, sometimes we don't know why the software systems increases or decreases pricing.
But...if you must [waste your time] call up the insurer and see if you can get them to accept the old premium. Until of course the premium goes up again, for some new reason at renewal and you can start the whole process all over again.
alexmishchuk
Expert
This is HUGE advice. When quoting I always make sure the insured understands that it is an estimated premium. Not to mention last minute changes before or right after binding that they didn't pay attention to before marketing it.
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