What is my recourse if my insurance company took out more money from my account than it should?
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What is my recourse if my insurance company took out more money from my account than it should?
I had a business insurance and it was for $11,000 which was supposed to be taken out in 10 months. However, the company kept drafting and took out more than $50,000 and I had to close my account in order to stop it. What can I do, my local agent is not answering my calls. Is there anything that I can do or any lawyer who I can hire?
Asked on February 11, 2019 under Insurance Law, Arkansas
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 5 years ago | Contributor
You can sue them for the money: the law is clear that someone may not keep money to which they did not have some legal right. Suing is how you recover your money from someone else who has taken it or is improperly holding it after it should have been returned. HIRE AN ATTORNEY IMMEDIATELY: at three years plus, you are in danger of exceeding most of the applicable "statutes of limitation" and being unable to sue (once the relevant statutory period, which defines how long you have to start a lawsuit, is exceeded, you cannot sue any longer). Don't delay: for $39,000 (the difference between the $50k they took and the $11k they should have taken), it is well worth getting a lawyer started on this right away.
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