National Risk Management and Associates

By

Car Insurance Non-Renewed or Cancelled?

Courtesy of iii.org

There’s a difference between an insurance company cancelling a policy and choosing not to renew it. Learn why your insurance might not be renewed

Auto insurance cancellation

Insurance companies cannot cancel a policy that has been in force for more than 60 days except when:

  • You fail to pay the premium
  • You have committed fraud or made serious misrepresentations on your application
  • Your drivers license has been revoked or suspended.

Auto insurance non-renewal

Either you or your insurance company can decide not to renew the policy when it expires. Your insurance company must give you a certain number of days notice and explain the reason for not renewing before it drops your policy (the exact timeframes and rules will depend on the state in which you live).

There are a number of reasons an insurance company may choose not to renew a policy, and it may have nothing to do with you personally. For example, your insurer may have decided to drop that particular type of insurance or to write fewer policies where you live.

However, a nonrenewal can also be due to your record or your actions. Doing something to considerably raise the insurance company’s risk—like driving drunk—would be cause for non-renewal.

If you’ve been told your policy is not being renewed and you want a further explanation or think the reason is unfair, call the insurance company’s consumer affairs division. If you don’t get a satisfactory explanation, contact your state insurance department.

Note that nonrenewal at one insurer doesn’t necessarily mean you’ll be charged a higher premium at another insurance company.

By

The Holidays & Automobile Theft

Courtesy of iii.org

The FBI includes the theft or attempted theft of automobiles, trucks, buses, motorcycles, scooters, snowmobiles and other vehicles in its definition of motor vehicle theft. About $5.9 billion was lost to motor vehicle theft in 2016. The average dollar loss per theft was $7,680. Motor vehicles were stolen at a rate of 236.9 per 100,000 people in 2016, up 7.6 percent from 2015 but down 35.1 percent from 2007.

Vehicle thefts have been trending downward in the 23 years since they peaked at 1,661,738 in 1991, falling 58 percent to 699,594 in 2013, according to a 2014 report from the National Insurance Crime Bureau (NICB). As a result, 56 percent of Americans rarely or never worry that their car will be stolen, according to a 2014 Gallop poll. The NICB credits law enforcement efforts, along with the creation of specific antitheft programs, technology and insurance company-supported organizations such as the NICB for contributing to the theft reduction.

Despite the reduction in vehicle thefts over the past two decades, industry observers caution that thieves constantly devise new and sophisticated means of stealing autos. Tactics include acquiring smart keys, which eliminated hot-wiring to steal cars; switching vehicle identification numbers; and using stolen identities to secure loans for expensive vehicles. The number of vehicles stolen with the key or keyless entry device left inside by the owner climbed 22 percent in 2015 to 57,096, according to the NICB.

Motor Vehicle Theft In The United States, 2007-2016

Year Vehicles stolen Percent change
2007 1,100,472 -8.2%
2008 959,059 -12.9
2009 795,652 -17.0
2010 739,565 -7.0
2011 716,508 -3.1
2012 723,186 0.9
2013 700,288 -3.2
2014 686,803 -1.9
2015 713,063 3.8
2016 765,484 7.4

Source: U.S. Department of Justice, Federal Bureau of Investigation, Uniform Crime Reports.

View Archived Tables

  • Motor vehicles were stolen at a rate of 236.9 per 100,000 people in 2016, up 7.6 percent from 2015 but down 35.1 percent from 2007.
  • About $5.9 billion was lost to motor vehicle theft in 2016. The average dollar loss per theft was $7,680.

Top 10 U.S. Metropolitan Statistical Areas By Motor Vehicle Theft Rate, 2016

 

Rank Metropolitan statistical area (1) Vehicles stolen Rate (2)
1 Albuquerque, NM 10,011 1,114.01
2 Pueblo, CO 1,325 899.43
3 Bakersfield, CA 7,176 854.66
4 Modesto, CA 3,820 767.69
5 Riverside-San Bernardino-Ontario, CA 25,708 679.05
6 Anchorage, AK 2,273 669.38
7 Merced, CA 1,622 660.65
8 San Francisco-Oakland-Hayward, CA 29,414 640.26
9 Fresno, CA 5,682 631.79
10 Billings, MT 877 625.38

(1) Metropolitan Statistical Areas are designated by the federal Office of Management and Budget and usually include areas much larger than the cities for which they are named.
(2) Rate of vehicle thefts reported per 100,000 people based on the 2016 U.S. Census Population Estimates.

Source: National Insurance Crime Bureau.

Business Hours

Monday – Friday: 9 AM- 5 PM

 

24 Hour Hotline: (407) 415-8528

Follow Us

National Risk Management & Associates
220 Magnolia Avenue
Sanford, FL 32771
Phone: (407) 767-2950