1 /5 Yue Yu: Spinnaker Insurance and its parent company HIPPO Holdings are committing fraud! Richard McCathron, the CEO of HIPPO, has failed to demonstrate any leadership in addressing the fraudulent charges. There was no policy fee listed on my renewal notice. However, after I switched to another company, HIPPO insisted the $100 policy fee was non-refundable.
I was a loyal customer of HIPPO for several years. Despite having no claims, my recent renewal premium skyrocketed by 26%. My agent assured me there were no better deals, so I renewed the policy for $1,946, as the renewal notice indicated "full year renewal premium -- $1,946." The service was subpar, and I was unhappy with the 26% premium hike. Two weeks ago, I found a much better deal and switched to another insurance carrier. To my shock, HIPPO deducted a $100 policy fee from the refund of the fully paid year.
Here’s how the fraud is committed: The renewal notice had no mention of a policy fee or breakdown of the premium. The full policy details were only provided after the policy took effect and after payment was made. This means that even if I had discovered the policy fee immediately and canceled the policy, HIPPO would still have deducted the $100 policy fee from my refund! This is blatant fraud.
I have filed a complaint against HIPPO with the New Jersey Division of Banking and Insurance. Be aware of their deceitful practices!
