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Allstate... good hands?... not so much...

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[quote name='MadHatter' timestamp='1355429552' post='2044847']
First question is why would anyone have their homeowners ins and auto ins with different companies? You get discounts by bundling the coverages.
[/quote]

In some cases you can save more by keeping them seperate.

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[quote name='Jackofalltrades' timestamp='1355432619' post='2044914']
In some cases you can save more by keeping them seperate.
[/quote]

This was why we did it...

As an update to the situation...

I talked to my current car insurance agent today, and the cancellation/admin fees are, by his statements, NC law...

Apparently, the law stipulates that insurance companies are allowed to charge individuals a percentage of their rate should they cancel before the end of a term. The percentage increases the longer the policy is active, but any moneys you pay towards the balance are deducted from the percentage you would owe. This is, in his words, to prevent people from starting a policy with one company, not paying, and starting a new policy with another company down the road (whenever they need some sort of proof-of-insurance)...

In other words, if your policy is for 6 months at $1,500 and you're 30 days into it when you cancel, they can charge you 27% of the $1,500 ($405). If you've made a couple payments already, like in our case, that amount is deducted from the $405 and ends up pretty close to being a wash, meaning you owe little if anything.

I'm going to verify this with the new company (Nationwide) and see if they tell me this is the case, but it seems (by my calculations since my current agent apparently didn't have time to crunch the exact numbers for me) that we'll only owe Allstate about $25...

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I was a licensed agent in NC and 22 other states and this is the first time I've heard of that.

Have you shopped around?

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[quote name='Jackofalltrades' timestamp='1355458693' post='2045415']
I was a licensed agent in NC and 22 other states and this is the first time I've heard of that.

Have you shopped around?
[/quote]

yeah, Nationwide is the best we got... almost half what we were paying with Allstate...

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Is that a single line or multi line price?

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not sure what that means...

we basically took them our policy from Allstate and told them to match everything and add it to our home and RV policies...

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That's multi line, means you're covering different stuff car/house/rv.

Glad that worked out for you. I don't really have a bone to pick with Allstate as an insurance company, but have several with them as an employer.

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He's right about the termination process. NC insurance law states policy termination refunds are done on a pro -rata basis.

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