Originally Posted by AdrianBmW
Dont exagerate you know well that in that case a reputable insurance company wont denie a claim..
class rating is for our profit and for a company to make ends meet and to properly rate premiums, if a guy that drives 20klm a day says that he drive 5klm/day we go off of upmost good faith and rate on 5klm, if we find out he drives more we'll change it to the correct class but wont denie a claim. becuase many people change jobs or move locations and drive more or less and dont inform us.. is your compnay dening all those claims also?
Just for the record...
Through not clients of our office, I have read of situations where there are large lawsuits pending and insurance companies scrutinize the details of the policy looking to get off on a technicality. Dumb things like a wrong vin #, incorrect named insured (even a mis-spelled name) or other menial details have been used to void a policy just to avoid a payout. Reputable or not, they don't like paying out millions of dollars, especialy considering insurance companies make a majority of their money through investments and the market right now is in the dumps.
I'm not trying to exaggerate. When I post info on forums like this I try to stick to the book as best I can, especially when I'm stating I'm a licenced broker as what I say can come back to haunt me.
If somebody asks, "is it important that I'm 100% honest with all of the details." I have to say, "material change in risk or misrepresentation are grounds for declining coverage". Same as if you ask an I.T. consultant "is is safe to download music" he's going to say "you can get in trouble if you get caught" knowing the chances are, you aren't going to get caught.
Cheers to a good banter though!
I work for Brokerforce Insurance Inc.
How long have you been with State Farm?