Too cheap car insurance
Reader question:
What do I do when my car insurance company files for bankruptcy?
Sharol
Glad you asked.
It’s frustrating enough to take care of your own problems without having to worry about the financial straits of your auto insurance company, which is why it’s a good thing that the going is so smooth for policy holders whenever an insurance company declares bankruptcy.
What you need to do is pretty simple, and requires no effort on your part. You only might want to call up your car insurance company to find out how the bankruptcy is going and what will happen to your policy. They might not have the info you need, so you can call the department of insurance for your state. Whenever a car insurance company goes down the drain, most of the time another insurance company will take over its customers and honor their policies, so after your company is gone you should have a new one mailed to you by the other company.
Cheers,
Fashun Guadarrama.
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