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 Posted: Tue Mar 31, 2009 12:07 pm Post subject: Would points affect my premium rates? |
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How the moving violation would affect my premium rates? I have received two speeding tickets in the last five months? I'm worried that the insurer would drop me...can they do that?
Thanks!! 
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Youngheart
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| Posted: Tue Mar 31, 2009 12:19 pm Post subject: |
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if you're already ins they may not drop you but once they find out about it your rates will surely increase....also if you go to buy ins, you will need to admit same..as they will run a c.l.u.e. on your license and find out anyway
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Lori
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| Posted: Tue Mar 31, 2009 12:24 pm Post subject: |
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Hi Youngheart
Whether getting speeding tickets will affect your insurance premiums largely depends on your state auto insurance laws and the carrier covering you. There are some carriers who are lenient when dealing with speeding tickets, while some others may be very strict. Auto insurers may not always be aware that you have received any speeding ticket. If they do have information they need to first investigate and they usually don't send investigators to find out if you have received a speeding ticket.
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sil
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| Posted: Wed Apr 01, 2009 11:22 am Post subject: insurance |
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| If your Insurance company DOES drop you, there are alot of Insurance companies out there for 'High Risk' drivers..may want to Google them and read about them, etc. My Ex husband has SEVERAL speeding tickets and an accident. He DOES have Insurance, through one of these 'High Risk' compnaies...however, his premiums are through the roof!! |
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sdchargersfan
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| Posted: Wed Apr 01, 2009 12:32 pm Post subject: |
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True Youngheart, if you are dropped off your current policy you will surely find other insurers ready to insure you for a price higher than what you are paying. However, with 2 speeding tickets you may have to pay a higher premium in your current policy too. So, you could do a little shopping and find out about other insurers who would be willing to cover you and for what price? You can then compare the two prices and decide what to do. If the price you pay your current insurer isn't too high compared to what the others would charge you, I'd say stick to your existing policy. Maybe the experts can throw more light on this.
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sil
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| Posted: Wed Apr 01, 2009 1:40 pm Post subject: |
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Hi,
| Quote: | | There are some carriers who are lenient when dealing with speeding tickets, while some others may be very strict. |
Lenient!! Really??
| Quote: | | if you're already ins they may not drop you but once they find out about it your rates will surely increase |
How do they find out? Is it possible for them to find out before I'd inform them regarding a ticket?
Circus_Jones
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Circus_Jones
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| Posted: Wed Apr 01, 2009 8:42 pm Post subject: |
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Carriers will normally run your MVR (motor vehicle record) about every 18-24 months in the absence of losses. If you have had a loss on which the carrier has paid out $$$, the normal routine is to run your MVR after the loss is settled. If there is additional activity on your record that's "new" since you purchased the policy, there is a strong likelihood one of two things can happen:
1. In most states, insurers are not allowed to cancel your policy mid-term. They normally have a period of time (typically 60 days after renewal) in which they can take action on your policy. So, it's unlikely that you will be cancelled mid-term. The only way that normally occurs is if (a) you are within the first 60 days of your policy period AND (b) they've actually run your MVR AND (c) the activity on your record indicates change that "affects the risk." In other words- tickets! If they were to cancel your coverage as you are within 60 days of renewal, they are required to give you advance notice of this action. In most states, they have to give you at least 15 days notice of cancelation.
2. If you're at your renewal, they CAN decide to non-renew the policy due to many reasons, the primary reason being activity on your MVR. However, most carriers have many different "tiers" or rating categories based on the insured's MVR, credit history and a number of other underwriting areas. So, if you are non-renewed in your present company, chances are that you will be offered an "alternative arrangement" to continue your insurance coverage. This is insurance-speak for "we'll keep you as an insured, but you're gonna pay a whole lot more because we've taken you out of our preferred risk bracket and placed you into a high-risk category because of your tickets."
I would NOT shop around for coverage until you find out what the insurer's intentions are. It could be that NOTHING happens for a period of time, and you DON'T want to talk directly to the insurance company about this. They may have no idea that the activity exists, and you are under no obligation to inform them of tickets you've received. You would just be giving them the ammunition necessary to increase your rates or non-renew you come renewal time.
Every time that you shop for rates, it's going to affect your credit. Insurers routinely run credit these days, and it's a major player in rate determination. Every time you get quoted, it will be a "hard pull" on your credit reports and shown as an inquiry on your credit report. If you have a high credit score, this will have a negligible effect on your credit; however if your credit score is poor- too many inquiries will have a definite negative effect on your score.  Not a good idea to do this until there's an actual need to start shopping!
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InsTeacher
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| Posted: Thu Apr 02, 2009 4:06 am Post subject: |
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Okay, Teacher, if the insurers run the MV report in every 18 to 24 months, is there a high likelyhood that the effects of these points would wear-off by that time? Would it then affect the rates of the insured?
Do the insurers run C.L.U.E and MVR everytime they renew a policy?
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Gerald
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| Posted: Thu Apr 02, 2009 4:30 am Post subject: |
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| Quote: | | Okay, Teacher, if the insurers run the MV report in every 18 to 24 months, is there a high likelyhood that the effects of these points would wear-off by that time? Would it then affect the rates of the insured? |
Minor traffic violations stay on your record for three years in most states. More serious violation can remain on your MVR for longer, again depending on the state. States have statutory limitations on how long insurers can "look back" in an insured's MVR for violations and accidents.
The effect on rates? If the insurer runs a records check and the violations are within three years of the renewal date, they'll apply a surcharge in most cases. Certain carriers have "accident and violation forgiveness" if you meet certain criteria, but I wouldn't count on it here.
Insurers don't routinely run CLUE and MVR reports at every renewal. Triggers to run MVRs normally are caused by things like adding drivers, changes of address, accidents and new cars added to the policy. CLUE reports are commonly run when initially issuing a policy and when a new car is added. Remember, insurers have to pay for these reports, and generally don't want to pay to run them routinely, like at every renewal. They'll usually have particular reasons to do so, like mentioned above.
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InsTeacher
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| Posted: Thu Apr 02, 2009 8:36 am Post subject: |
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| Quote: | | Insurers don't routinely run CLUE and MVR reports at every renewal. |
Then one can simply omit this information at the time of renewal and can stay on the same rate, right? What will happen when the insurer would find out about these tickets in the future? Can they term it as misrepresentation of facts and deny the future claims?
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anonymous 12
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| Posted: Thu Apr 02, 2009 8:16 pm Post subject: insurance |
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| Even if you have been at the same Insurance company for a number of years, they will STILL run your MVR every so often? I don't have anything on my record..and I plan it to stay that way....LOL |
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sdchargersfan
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