Post Date February 2, 2013 – A Missouri auto insurance premium finance company responsible for financing Assigned Risk Missouri auto insurance policies; recently agreed to pay fines in excess of $40,000. The finance company prematurely cancelled a fair number of State Assigned Missouri auto insurance policies. Many people don’t understand what a State Assigned Auto Insurance Policy is. In any state where auto insurance is a mandatory part of registering an automobile a State Assigned Risk Program in mandatory. In the State of Missouri where Missouri Auto Insurance is required, not all drivers will qualify for a Standard or Preferred Missouri Auto Insurance Policy. New drivers and those drivers with Accidents, Tickets or DUI or Violations needs to apply to the State Assigned Missouri Auto Insurance Program. Under normal circumstances, the payment plan offered by the Assigned Risk Missouri Auto Insurance Plan is not favorable to the buyer. A premium finance company will offer the pay the insurance carrier the premium in full in-turn for better payment terms plus interest.
Missouri Auto Insurance finance company pays fine
According to state officials, the Premium Finance Company issued cancellation requests to the Missouri Auto Insurance companies for a number of auto policies with an cancellation effective date as the date of notice. A cancellation notice must provide the customer time to remit their late insurance payment or find replacement coverage. The Missouri’ insurance statute that requires financing providers to provide no less than 20-day notice to insurers that had issued the policies.
If you happen to have a Assigned Risk or High Risk Missouri Auto Insurance Policy, we provide a number of policy alternatives which are cheaper and have great payment programs. InsureDirect has been offering an auto insurance alternatives to our customers for over 20 years.
Michael E. Dortch
President & Senior Agent
Corporate Home Office
618 South Broad Street
Lansdale, Pennsylvania 19446
(800) 807-0762 ext. 206