I backed into someone in a parking lot. Thay had a claim off $1000. this is my first and only accident. My insurance company say's because I was moving it's a collision and my insurance has doubled. this is wrong.
2007-08-03 10:44:28 · 0 answers · asked by richy 2 in Cars & Transportation ➔ Insurance & Registration
All insurance companies are different when it comes to their underwriting procedures. These procedures determine if your policy rates change due to additional exposures. Underwriting procedures are on file with the state you have insurance in. Insurance practices are regulated by your state and there is no arbitrary price gouging.
Long time policy holders will often get accident forgiveness provided they have low frequency. Some will waive the first accident.
It also depends on the total claim payout at times. For your vehicle damage, you may have a Collision claim with your insurance carrier. Collision losses may or not be surchargeable. There is usually an accident surcharge threshold, where the pay outs under Collision and Property Damage together must equal a certain dollar figure before the policyholder will get a surcharge.
Comprehensive claims are rarely surchargeable.
Sometimes, any accident where a BI claim is paid out will be automatically surchargeable.
Unfortunately, now that you have an at fault accident on your record, it will be more difficult for you to find low-cost insurance.
2007-08-03 12:09:44 · answer #1 · answered by marvelboy74 2 · 1⤊ 1⤋
Marvelbiy whether or not it is state regulated. Which I do not believe. There is price gouging by insurance. And just because you have one accident does not mean you will have another. In fact less likely because you become more aware
2015-11-21 05:58:22 · answer #2 · answered by ? 1 · 0⤊ 0⤋
Seems that way doesn't it? That's the way it is though. If you think you can do better then call around and see what different companies will charge you, if it's lower then switch companies.
Most likely, they put you into a high risk pool and you'll stay there for several years.
2007-08-03 10:51:23 · answer #3 · answered by Fordman 7 · 0⤊ 0⤋
I'd be curious to know what co you're with. I see it all the time, WHERE CAN I GET CHEAP INSURANCE?????
No one is looking for the BEST insurance, they just want the LOWEST PRICE ins.
Well, this is what happens when you have the cheapest ins around and then you have a claim.
Buyer beware.
2007-08-03 10:55:39 · answer #4 · answered by Barry auh2o 7 · 3⤊ 0⤋
Fine. Shop around. Go to another insurance company. Get multiple quotes.
The fact of the matter is, once you have ONE accident, you're much more likely to have a SECOND one, than someone who's never had ANY.
2007-08-03 12:33:17 · answer #5 · answered by Anonymous 7 · 0⤊ 1⤋
Change companies. You can get free quotes from multiple companies online. Just Google "auto insurance".
2007-08-03 10:50:25 · answer #6 · answered by Anonymous · 0⤊ 0⤋
I suggest that you try this web site where you can compare quotes from different companies: http://insurancetocompare.info/index.html?src=5YAqqC1AOR8gjm1
RE :What can I do about auto insurance price gouging?
I backed into someone in a parking lot. Thay had a claim off $1000. this is my first and only accident. My insurance company say's because I was moving it's a collision and my insurance has doubled. this is wrong.
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2017-03-08 07:56:33 · answer #7 · answered by ? 6 · 0⤊ 0⤋
Shouldn't have doubled.Geico forgives the first accident,if you take a defensive driving class.Have you asked your insurance company about this?
2007-08-03 11:58:57 · answer #8 · answered by Babylove 6 · 0⤊ 0⤋
It is not wrong. You caused damage to someone else. Any activity in your driving history will increase your policy.
If your insurance has doubled, shop somewhere else. There are alot of different companies, with alot of different rates.
2007-08-03 20:22:58 · answer #9 · answered by PeppermintandPopcorn 3 · 0⤊ 1⤋
That's a great question
2016-08-24 10:53:12 · answer #10 · answered by ? 4 · 0⤊ 0⤋