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How long does it take to lower the premium once it has been raised?In: Insurance |
Answer
This will depend on what type of insurance and what the reason was for the premium being raised.
If your auto insurance was raised because of an accident, ticket etc then the rules of the company and/or the state will drive the answer. In CA an accident is generally not counted against you after three years, a ticket after five. A DUI would be longer.
Homeowners’ claims similarly will ‘drop off’ for purposes of calculating premium after some period of time. Talk to your agent about your specific circumstances.
If you applied for health insurance and they required a higher premium for some medical issue, that may be eligible for review after some period of time. Example, you had a back problem treated by a chiropractor. An insurance company may require a higher rate until you have been symptom free and treatment free for one year. Generally however, if you do not request the review, they will not lower you premium on their own. This generally relates to new coverage only on individual health plans.
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First answer by Critmark. Last edit by Critmark. Contributor trust: 247 [recommend contributor]. Question popularity: 112 [recommend question]
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