Date registered: Apr 2005
Vehicle: 2002 CLK430
Location: Southern California
Mentioned: 2 Post(s)
Quoted: 3 Post(s)
Let me see if I understand what youâ€™re saying. A little more than three years ago, you bought a car. Two and a half years ago, you bought an insurance policy on this same car. The policy, which you paid for two and a half years ago, doesnâ€™t take effect for another 9 months. Now you want your money back.
The direct answer to your question is exactly what Kent said, read the policy. You signed a legal agreement. If the agreement says you can get a refund, youâ€™ll get one. If not, you probably won't. To break a contract, you need either an escape clause, or you'll have to prove the other party did something wrong. What has the insurer done that was "wrong"? The fact that GM has a different policy means nothing. Using your example regarding accidents, if I buy a $4K TV from Best Buy, and then spend anther $500 for an extended warrantee, and my house burns down that night, Best Buy is not refunding anything. Best Buy doesn't care what GM does. Why should they?
Let me ask you, what was the incentive to pay for an insurance policy that wouldnâ€™t kick in until three years after you pay for it? The car was already covered, right? It was covered for another three years. Was there some sort of discount for the float?
Lastly, I don't see how the NJ Attorney Generalâ€™s office can help you. No one has broken any laws. In NJ, insurance polices are regulated by the NJ State Department of Banking and Insurance. They may offer some assistance. Post back and let us know if you get anywhere. You're going to claim the insurance company did nothing for you. They're going to claim you knew exactly what you were signing AND they gave you peace of mind for the past 30 months. It will be interesting to see what the Dept of Ins says.