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 Posted: Mon Jun 22, 2009 7:08 pm Post subject: Auto Accident Question! Please help!! |
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About 24 hours ago I was involved in a NY state accident on the highway. Minor damages (I’m missing my driver’s side rear view mirror, plus a minor dent, and the other car has a dent across the passenger side). It was a no fault accident, but I can’t afford the increase in premiums (I’m in the process of selling my car because I can’t afford my rate!). I’m trying to handle this out-of-pocket, but in case the other party refuses to co-operate, and I have to contact my insurance company, when can I expect an increase in premiums? Will that happen right away, or at the renewal date? If I wish not to file a claim on my own vehicle (I plan to fix it myself), but the other party files a claim, will my premiums still go up? Also, if these questions are really specific to my insurance company (Travelers), who can I speak to about the answers, without necessarily reporting the accident to my provider?
Any help would be so GREATLY appreciated. |
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guybrush122
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Joined: 22 Jun 2009
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| Posted: Mon Jun 22, 2009 8:30 pm Post subject: Auto accident questions |
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Hi New Member,
You stated the accident is no-fault. Based on what information and fact? Insurers may or may not raise a premium in response to an accident. Different factors influence the decision, including the circumstances and fault decision in the accident, the amount of the claims payment for damages, the number of claims you may have previously filed and the nature of those claims, etc. Insurers will review your policy at renewal. Some will run a check on your driving record at this time, as well, and would be alerted to other infringements on your record. You may not necessarily get an accident surcharge on your policy at renewal but you may lose a "good driver" or "no accidents" discount, which could result in an increase in premium. It is not wise to try to "hide" the accident and your insurer probably already is aware since you've stated the other party isn't interested in your "out of pocket" offer. Good luck in handling your situation and hope this information was helpful. |
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sunshineva
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Joined: 16 Jun 2009
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| Posted: Mon Jun 22, 2009 9:14 pm Post subject: |
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I have had two accidents in the past 2 years. My premiums have already been raised. Based on that, I know that my insurance company will raise them again. The other party is not uninterested in the "out-of-pocket" route. If you please, could you answer the following?
IF they raise my premiums, will that happen right away, or at the renewal date?
If I wish not to file a claim on my own vehicle (I plan to fix it myself), but the other party files a claim, will my premiums still go up?
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Guest
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| Posted: Tue Jun 23, 2009 12:46 am Post subject: Accident and premium |
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Hi Guest,
Your premium can be raised at renewal. Read your policy carefully, for your company may be able to not renew your policy for any reason or may be able to not renew with certain amount of notice given to you beforehand. Also, your insurance company will determine if you are at fault. If the other people file with your insurance company, your insurer will decide whether you were liable for the claim for their damages. And even if you don't claim your damages, you can still be surcharged for the accident. |
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sunshineva
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Joined: 16 Jun 2009
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| Posted: Tue Jun 23, 2009 3:01 am Post subject: |
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They can't increase rates until a new policy is issued (renewal). Also, if your renewal is soon after the accident they may have already ran the claims/DMV check and set your new rate already.
If you are probably going to sell you vehicle before or soon after the renewal you may want to consider filing the claim. The claim will show up on a CLUE report when you get insurance again but I'm guessing several years would have gone by at that time. So a claim now would probably not affect you very much several years from now.
If the other person files a claim and you have collision coverage, you might as well file a claim for your vehicle as well. The at fault accident is going to affect your rates not the fact that you did or did not file a 1st party claim.
Sorry to hear that your rates are so high that you need to sell your vehicle. But I'm guessing you are doing the right thing. It appears that you took driving to casually and were reckless but at least your going about correcting this. |
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tcope
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Location: Salt Lake City, UT
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| Posted: Tue Jun 23, 2009 6:29 am Post subject: |
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Hi guybrush122,
I do empathize with you. I understand that you're trying to fix it out-of-pocket since the damages are minor.
| Quote: | | If I wish not to file a claim on my own vehicle (I plan to fix it myself), but the other party files a claim, will my premiums still go up? |
If the damages are minor why would the other party file a claim? Did they mention it to you already?
| Quote: | | It was a no fault accident, but I can’t afford the increase in premiums (I’m in the process of selling my car because I can’t afford my rate!). |
Does it mean that you were involved in too many accidents prior to this one?
You say that it was a no-fault accident this time. What does the police report say?
Thanks, Roddick |
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roddick
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| Posted: Tue Jun 23, 2009 12:17 pm Post subject: |
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Hi Sunshineva..
| Quote: | | And even if you don't claim your damages, you can still be surcharged for the accident. |
You mean to say that it will only happen after the insurance carrier conducts an investigation..am I right!
Steven |
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steven
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