insurance deposit

[Lety]

What is the name of your state? texas
we purchased an insurance for our airfreight truck when we went to make first payment we were told insurance had gone up because they had made a mistake. we do not want the insurance anymore too expensive, can we get our deposit back?

 

[racer72]

What did the insurance company say when you asked for the return of your deposit?

 

[Lety]

they said they could not do that because, since the cost had gone up they would probably use that money for the month they insured the truck. the deposit was for $536.00. the payments are for $78.82 monthly.

 

[JETX]

Your post leaves several questions:
1) Did you sign any documents at the time you purchased the insurance?? If so, then depending on the documents, there MAY be a valid contract that they must obide by.

2) Did ANYTHING change from the time of the deposit to the rate increase?? It is common for a company to give an early estimate based solely on the facts of the insured (no tickets, etc.) only to find out later on running driver history that there are violations that affect the price.

3) What did they say when you agreed to pay 1/12th of the annual premium to cover their one month coverage and to refund the difference??

4) Finally, if you have problems with this, your best recourse may be the Texas Insurance Commission since you are/were the policyholder.
http://www.tdi.state.tx.us/

 

[Lety]

Yes my husband singed a policy, wich we have no copy of. there where no changes no tickets or such...what happened was they discovered that the weight of the truck required a more higher price. We oofered to pay for the month and they denied.