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Can an insurance company cancel coverage mid term?

Discussion in 'Ask An Owner Operator' started by SFLTRKBIZ, Dec 28, 2015.

  1. Dec 28, 2015 #1
    SFLTRKBIZ

    SFLTRKBIZ Light Load Member

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    Hello everyone, I've always wondered, can an insurance company cancel covered before the term expires? Here we are talking in rather normal circumstances, a small claim and normal violations, not anything drastic like huge accidents and so on. Any answers are appreciated. Thank you.
     
    SFLTRKBIZ, Dec 28, 2015
    SFLTRKBIZ, Dec 28, 2015
    #1
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  3. Dec 28, 2015 #2
    cnsper

    cnsper Road Train Member

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    Read your policy but in short yes they can with written notice.
     
    cnsper, Dec 28, 2015
    cnsper, Dec 28, 2015
    #2
  4. Dec 28, 2015 #3
    mountaingote

    mountaingote Road Train Member

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    Yup, if they feel you are too much of a risk they can pull the plug
     
    mountaingote, Dec 28, 2015
    mountaingote, Dec 28, 2015
    #3
    Flipflops Thanks this.
  5. Dec 28, 2015 #4
    SFLTRKBIZ

    SFLTRKBIZ Light Load Member

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    That is insane, so without any reason, they can shut down a company that might have a bunch of employees. There needs to be a guideline which they must follow if they want to cancel, just as the DOT/FMCSA can if you pass a certain percentile in risk evaluation.
     
    SFLTRKBIZ, Dec 28, 2015
    SFLTRKBIZ, Dec 28, 2015
    #4
  7. Dec 28, 2015 #5
    Cat sdp

    Cat sdp . .

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    They can do pretty much anything they want to...(it's in the fine print)
     
    Cat sdp, Dec 28, 2015
    Cat sdp, Dec 28, 2015
    #5
  8. Dec 28, 2015 #6
    Marlin46

    Marlin46 Medium Load Member

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    Mar 17, 2010
    Atlanta, GA
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    In most states cancellations can occur with a 10 day notice for non-payment of premium and a 30 day notice for other reasons. Insurance companies aren't in the business of cancelling policies mid-term without a reason. Depending on the insurance carrier / policy most will have to refund any unearned premium back to the trucking company. They do have guidelines that are required by law to be followed as similar to trucking it is pretty well regulated. If your curious just go to the insurance commissioners website for your state and with enough looking around you can probably find the answer.

    Perhaps they denied a certain driver and your company chose to hire that driver anyways then got caught during an inspection / accident, etc....that would be one reason an insurer would cancel the policy. There are many reasons an insurer would opt to cancel the policy.
     
    Marlin46, Dec 28, 2015
    Marlin46, Dec 28, 2015
    #6
    brian991219 Thanks this.
  9. Dec 28, 2015 #7
    double yellow

    double yellow Road Train Member

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    No, with a reason: you had new violations and claims.

    Read the fine print. For example, progressive will drop me if put out of service twice in 1 year.
     
    double yellow, Dec 28, 2015
    double yellow, Dec 28, 2015
    #7
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