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I Have Aig Auto Insurance. In View Of Their Financial Problems,should I Cancel It?
23 Jan 2010It looks like the company might go bankrupt. We just paid our premium for the next 6 months on our car insurance. Could we end up uninsured and unable to get our money back? Should we cancel it immediately and try to go through another company?
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4 Responses to I Have Aig Auto Insurance. In View Of Their Financial Problems,should I Cancel It?
W S C
January 23rd, 2010 at 6:50 pm
No. You are fine. No worries. It is the holding company that is having cash flow problems, not the insurance subsidiary.
Insurance Pickle.com
January 24th, 2010 at 12:27 am
Keep your insurance. The policy will remain
IF they filed for bankruptcy protection the life insurance holders should be fine. If anything they’d spin off the profitable insurance unit to a buyer in order to raise cash. AIG doesn’t sell insurance…American General does (as does their other subsidiaries)….keep that in mind. AIG just owns American General.
Zarnev
January 24th, 2010 at 7:14 am
The AIG life insurance, general insurance (including commercial) and retirement services are subsidiaries of the parent company, are adequately capitalized, regulated, and are not affected by the short-term liquidity problems we are hearing about.
Karma
January 24th, 2010 at 10:19 am
You should stop paniking and do nothing. Also tell other panicking people to simply do nothing.