Who Is On The Insurance Department's Do Not Accept List?
The Wyoming Insurance Department has been known to be strict in licensing policies. Recently there have been recalled and a couple of controversies in regards to these policies. These controversies have cost the department millions of dollars and put many people out of work. Recently, there was an editorial in the newspaper that questioned whether these controversies were truly justified or whether the department was overstepping its bounds.
Some people have been criticizing the state of Wyoming for its lack of action when it comes to insurance complaints. According to them, the insurance department does not have the expertise in regulating insurance because it is a state within a state. The fact is that insurance laws vary from state to state. No matter where you live in the United States, if you are not sure of the laws regarding auto insurance, it is best that you find a reputable broker to fill your policy.
There is good news, however. Wyoming is trying to fix its insurance department. Currently, there is no agent regulation law in the state. gimgoi.com gives insurance companies free rein to decide how much they want to charge. Unfortunately, gimgoi.com means that there are companies that are very cheap but do not properly maintain their vehicles, so they end up getting sued when an accident occurs.
One reason why it can be difficult for an agent to know how much a policy should cost is that each state has its own minimum requirements. Some states require that insurers offer higher deductibles and less coverage. Others have requirements that all policies offer certain standards of financial responsibility, such as not allowing the insurer to request more information about an individual than they need. Wyoming is one of those states. According to a report from the Associated Press, "witnesses in the courtroom say that some of the companies under-insurance cases, which led to large claims costs for the state's residents in recent years, may have caused the insurance department to tighten its protection against liability."
The problem is that these witnesses have seen only a small number of cases brought against companies that do not meet these minimal standards. Additionally, there is currently no state-run arbitration process in Wyoming. So, if you get into an accident with one of these companies and they refuse to pay your claim, you may have little hope. You will have to file a lawsuit to recover your money from their insurer. If a large corporation is not the culprit, the law is on your side. It is time you got your due from an insurance company that fails to follow the minimum laws.
Unfortunately, you will probably never see a list of these negligent companies. The Wyoming Insurance Department, like most government departments, does not keep a list of complaints filed against insurance companies. However, if you take a look at the website, you can see who is on the receiving end of a notice of refusal. california life insurance practice exam should give you a pretty good idea of who to target when you are shopping for a new policy. Also, you can see what specific language is used in a policy and find out whether or not it is an appropriate contract for your particular situation.
To make things even better, you can use an online form to request information on negligent companies. Most of these websites allow you to enter your information once and receive a list of results. If a company is listed on more than one site, it is likely they are part of a network of many other negligent companies. This means you can compare policies from many different carriers. Keep in mind that you will receive the information in the form of a quote, which means you will probably have to wait a while before you get the policy in the mail.
The best way to save money on your next policy is to shop around. Using the tools provided by the Wyoming Insurance Department is a great starting point. If you don't know much about purchasing insurance online, don't worry. They have a trained customer service representative who can help answer any questions you might have along the way.