Q: Can you make a company honor a quotation after both parties agree to the price?
I was looking at options for homeowners insurance and reached out to Allstate. They said they could provide coverage only if I moved my auto insurance there as well. I agreed, and they send a quote for both homeowners and auto insurance. The price was agreed upon by myself and the insurance representative and I was instructed to cancel my auto insurance and they would handle switching my homeowners with my mortgage provider. I tried to reach them and had no luck so I waited a couple days and tried to reach them again at which time they told me that they would not honor the quotation that was agreed upon. I have to hurry and reinsure my auto insurance.
A: It could depend on the terms and conditions for their quote. If you consult with an attorney about options, learn what they may cost - it could be cheaper to find alternative coverage. Good luck
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A:
In Louisiana, if a quotation from a company like an insurance provider is agreed upon by both parties, it generally forms a binding agreement. However, the enforceability of this agreement depends on the specifics of the communication and the extent to which the terms of the quote were clear, definitive, and accepted by both parties.
If you have written documentation of the agreed-upon quote, such as emails or written quotations, this strengthens your position. It's important to review these documents to ensure that all terms were clearly outlined and agreed upon. If the insurance company subsequently refuses to honor this quote, it may be considered a breach of contract.
In this situation, you might consider seeking legal advice. An attorney can review the correspondence and the quote to determine the strength of your position and advise on the next steps, which could include negotiation with the insurance company or legal action if necessary. Remember, it’s crucial to address your auto insurance coverage immediately to avoid any lapse in coverage.
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