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You have the right to change your coverages and policy limits at any time, even if you are not near your renewal date. If you select lower policy limits or cancel nonmandatory coverages to save money, you have a right to a refund of your unused premium within 60 days of the cancellation or notice of cancellation, whichever is later.
You Have the Right to Choices
Agents, brokers and companies must give you three coverage choices, called Insurance Scenarios, when applying for a new policy, or at any time upon your request if you are already insured. You must be told how each choice may affect what you pay and what your benefits would be in the event of an accident. You always have the right to ask about additional options.
You Have the Right to a Timely Response
You have the right to a timely response when seeking an appointment or application from an agent, broker or company. Appointments should be scheduled so that you can obtain coverage before your current policy expires.
Please note that under current regulations a voluntary insurance company has five (5) business days from the date it receives a completed application to either issue or deny coverage to the applicant. However, an application is not considered complete until the company has obtained all pertinent information, including a copy of the applicant’s driving record from the New Jersey Motor Vehicle Commission and verification of any previous coverage. Therefore, the overall application process can take up to two weeks. Make sure you give yourself enough time to shop for coverage.
You Have the Right to the Prompt and Fair Handling of Claims
You have the right to ask about any payments made to others by your company and charged to your policy. If you file a claim, it should be handled promptly and fairly. If a claim is denied, you must receive a written explanation for the denial.
You Have the Right to a Notice of Cancellation
There are specific circumstances that allow an insurance company to cancel your policy during the policy period. This is referred to as a mid-term cancellation. This may only occur when fraud is discovered, when your driver’s license is suspended or when the policyholder fails to make premium payments.