| Message |
Author |
|
 Posted: Wed May 13, 2009 4:03 am Post subject: future premium increase |
|
|
| Is there a predetermined formula for increasing future premiums after a claim is filed? |
|
smith123
New member
Joined: 09 May 2009
Posts: 48
18.38 Dollars($)
|
|
| Posted: Thu May 14, 2009 12:21 am Post subject: |
|
|
A lot of it depends on the company that you are insured with, your history with said company, and the relationship with the company. For example, my ex-wife totalled a car while covered by my Nationwide Auto insurance...and they paid everything and did not raise my premium at all. I have homeowner's, business, auto, renter's, and jetski insurance with them and have NEVER had a claim previous to the accident.
On the other hand, I have seen people with other companies experience a HUGE increase in premium after a minor accident.
_________________
Check Out My Blog!
http://insurancesuccess.ampminsure.org |
|
ChrisBantly
Senior member
Joined: 11 Mar 2009
Posts: 381
Location: Upstate SC
0.52 Dollars($)
|
|
| Posted: Thu May 14, 2009 1:18 am Post subject: |
|
|
| Thanks buddy. It's a good point. However, this being your first claim, and you having outstanding history as loyal customer, so they have forgiven the first claim. Which may not be true in other cases. |
|
smith123
New member
Joined: 09 May 2009
Posts: 48
18.38 Dollars($)
|
|
| Posted: Thu May 14, 2009 2:57 am Post subject: insurance |
|
|
| Same here, CHRIS. I had an accident, a few years ago, and I have Nationwide. I din't total my car..damages were $2100.00. 'Full Coverage' paid for it. However.....my 'usual' rate din't go up, either. |
|
sdchargersfan
Senior member
Joined: 21 Aug 2007
Posts: 2055
4.67 Dollars($)
|
|
| Posted: Thu May 14, 2009 6:34 am Post subject: |
|
|
Hi Smith, a formula definitely runs at the background but the insurer wouldn't make it public. But be rest assured that the increases are not sporadic.
Anyway, you premium is likely to increase if you are in an at-fault accident. And, the hike would depend upon the nature of the damages caused and the amount of the claim settled. |
|
RupertWBradson
Senior member
Joined: 05 Jul 2007
Posts: 703
131.50 Dollars($)
|
|
| Posted: Tue May 19, 2009 2:14 am Post subject: Hey |
|
|
the people that make those formulas are called actuaries....they are the ones in the insurance indusrty that drive around in Buggatti's hahaha they do have a formula to determine the rate increas but it is based on:
your drving experience
your vehicle year, make, and model
your previous record
Good driver discount(california)
points on your record
previous claims
your payment history(the reason I say this is because if they do not think you have been paying like you should, missed payments etc. They actually can drop you and then once the accident hits your CLUE report your rates will go up really high.)
Som companies that I have seen actually LIE to choicepoint and say that a claim is more than it really is, said that their is a claim when they are not at fault.
NATIONWIDE DOES THIS.
nationwide will not increase your rates BUT tey will report it to choicepoint even if you are not at fault, change the limits of the accident so that way if you shop around they come up lower than other companies.... |
|
Agent007
New member
Joined: 18 May 2009
Posts: 27
Location: Culver CIty, California
10.32 Dollars($)
|
|
| Posted: Tue May 19, 2009 2:39 am Post subject: insurance |
|
|
| I have Nationwide for my Auto Insurance. I've dealt with them for 8 years, or so. I never have had a problem with them and very satisfied, as well. "Change the limits of the accident?"...........I don't understand what you mean, AGENT007. |
|
sdchargersfan
Senior member
Joined: 21 Aug 2007
Posts: 2055
4.67 Dollars($)
|
|
| Posted: Tue May 19, 2009 6:56 am Post subject: |
|
|
| Quote: | | Som companies that I have seen actually LIE to choicepoint and say that a claim is more than it really is, said that their is a claim when they are not at fault. |
How to ensure the accuracy of the CLUE report then? If my insurance company has lied to ChoicePoint, how can I then rectify the wrong entry? |
|
simon
Senior member
Joined: 28 Sep 2005
Posts: 550
93.55 Dollars($)
|
|
| Posted: Tue May 19, 2009 4:56 pm Post subject: well.. |
|
|
sdchargersfan
they can change the amount of the accident by saying it was more that your states threshold on a claim in California it is $750 they can put your claim down as $751 and now you have a cargable accident. They do this to make sure you stick with them it is highly illegal and they next time someone comes into my office and shows me a bill for auto repair ad I pull the CLUE and the amount is morethat the bill I WILL CALL THE Department of Insurance.
In reality the only way you can ensure a clue report is this
if you have a claim. lets say you have a $250 collision deductible...you pay the 250. now you file a claim with the insurance company and the threshold is 750
make the auto shop only charge the insurance company for the $745(to keep a safe distance) and you pay the rest if the remainder is reasonable. Also only do this if you are at fault in the accident. If you do this and you pay this exapmle:
claim amount: 1500 - 250 deduc. - 745 = you pay 505....
even if you have to dish this out you will save yourself the toruble of getting a rate increase.
To rectify a wrong entry you shoulgo to the dmv with proof of the bill or go to choicepoint. |
|
Agent007
New member
Joined: 18 May 2009
Posts: 27
Location: Culver CIty, California
10.32 Dollars($)
|
|
| Posted: Wed May 20, 2009 4:56 am Post subject: |
|
|
| I really depends on the company but no for farmers it is based off many factors. |
|
ajp76054
New member
Joined: 20 May 2009
Posts: 6
2.82 Dollars($)
|
|
| Posted: Wed May 20, 2009 6:54 pm Post subject: |
|
|
ajp76054
bo it does NOT depend on the company it depends on the DMV |
|
Agent007
New member
Joined: 18 May 2009
Posts: 27
Location: Culver CIty, California
10.32 Dollars($)
|
|
