Quote:
Originally Posted by Arcangel
what does this mean, you God forbid get into two accidents in a 3 year period and insurance will drop you?
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It has more to do with eligibility for new business. Carriers are non-renewing business that have cost them significant losses. I have seen a few in the last few days who have been dropped for three or four incidents in the last three years.
Keep in mind that loss ratios will always dictate how erratic Insurance companies behave. Here in NJ we are now five years into a competitive enviroment where companies have sharpened their pencils to a degree that may have caused an overcompensation or imbalance. Companies now need to adjust to the consequences. They will start by denying coverage to those they feel are underwriting risks.
We, as a group of enthusiasts, represent an overall good risk. Most here are early twenties to early thirties, college educated, on their way or in a career. Contrary to the vehicles you drive, you still (as a group) represent a responsible group with pretty good driving records and loss records.
Time will tell how this plays out. In the short term, it will cause a little pain to some.