Insurance company not renewing my policy, is this the same as cancellation, and do I need to declare it when getting quotes
(Sudbury, ON Canada)
Over 2 years ago, before my present insurer I had a weather related accident in a company vehicle and a minor speeding ticket 10KM over posted limit, I have no points or convictions, I shopped around at renewal and changed my insurer declaring both incidents. I have recently received a letter from them saying that their underwriting rules have changed and that I will not be able to renew, and that I should seek a quote elsewhere, before my policy expires. My questions are, is this allowed? Do I have to declare my policy has been cancelled, or is there a difference between not renewing. It appears my premiums took a hit 2 years ago because of the incidents, but will take a greater hit this year because an insurance company which were not affected by my incidents but enjoyed my premiums has changed it's underwriting rules,
Cancellation vs Non-renewal
It is an important difference. Cancellation would be problematic. The non renewal shouldn't be a big issue with other carriers. The biggest issue is the accident, which is likely considered to be at fault.
The non-renewal is allowed if it is a filed underwriting rule with the Financial Services Commission of Ontario.
Please be sure to discuss this further with a licensed insurance representative. Oh, and by the way, are your rates too high? Check here:FREE Auto Insurance QuotesOther Pages of Interestcar insurance in Ontario Canada Car Insurance CanadaCar Insurance Quote CanadaAuto Insurance Questions
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