Tag: force placed insurance

When Should you Drop Full Coverage Car Insurance?

I’m asked this question on a regular basis. It usually comes up when someone’s paid off a car, their insurance is renewing and they’d like to lower their premium, they’re buying a cash car or they just have an older car. It’s an excellent question and the answer depends on two factors. Once those two factors are addressed, then it’s truly up to the client to determine what’s best for them and their financial situation, as well as what their risk they’re willing to tolerate.

Read More »

Force Placed Insurance

I got a call a few weeks ago from one of my clients in the Dallas area. I wrote the home insurance for he and his wife’s home two years ago and they wanted me to quote their car insurance too. To help me quote their insurance, his wife sent me a copy of a letter they received from their loan company. The letter simply stated that they needed to provide proof of current insurance or they would provide it for them at the price quoted in the letter. Sounds nice doesn’t it?! The truth is, the “help” they were offering had several “gotchas” in it and it was far from a fair price for the help they were providing.

Read More »