Several Large National Automobile Insurance Companies Are Refusing Automobile Insurance Coverage Unless Policyholders Bundle Both Their Homeowners And Car Insurance Policies With The Same Company
In another move of attempted economic muscle and intimidation, many of the nation’s largest insurance companies have informed their policyholders and customers that they will refuse to insure their automobiles unless they also bundle the coverage with homeowner's insurance coverage. Of course, major car insurance companies claim that this will enable them to deliver better service. However, as an experienced Philadelphia car accident lawyer familiar with the intimidating tactics of many of the insurance companies, I can assure you of one thing, the most likely and only motive is to improve the profitability of the stockholders bottom line.
Recently, Robert Hunter, a Director of Insurance for The Consumer Federation of America stated that insurance companies were “simply cherry picking more lucrative customers who can bundle their home and auto insurance with the company.” Many attorneys and insurance experts believe this newly appearing activity regarding bundling by the insurance companies may be a violation of state insurance laws and constitute an unfair trade practice in many states. Based on my experience as an insurance claims, Philadelphia catastrophic injury, and car accident lawyer, the average consumer has a very limited idea of the insurance laws, available coverage, and preferred policies and is easy prey for savvy insurance company sales agents. I believe that the only reason a consumer should bundle home and auto coverage would be to save on out-of-pocket premiums and believe that most customers should carefully shop, review, and analyze their alternatives when purchasing insurance. Make sure that you get a couple of quotations on insurance premiums from different insurance companies and don’t just assume that you have to bundle your coverage.
The experienced Philadelphia car accident and insurance claims lawyers of Reiff and Bily always offer a free, no obligation insurance policy checkup, and are always glad to review your policy with you to make sure that you are not taken advantage of by the almighty insurance companies and their sales forces who seemingly exercise concerted efforts to put profits over policyholders’ interests. Make sure that you have purchased the proper car and home insurance coverage so it is available when you need it.
As the CEO of a major insurance company once said “Our obligation is to earn a return for our shareholders.” Unfortunately that dedication to shareholders interest may come at the expense of policyholders.
In today's tough economic climate, insurance companies are fighting harder than ever to hold on to what they consider to be their money. We find that the insurance companies are quick to take your money when they sell you a policy, but when it comes time to collect, they will find every excuse under the sun not to pay. At