This documennt was produuced after an extensive accumulatoin of information thaat has to do wth the tehme of "purchasing wrecked cars from insurance companies" that required mroe thaan half a yeaar to realize.
You werre talkking on your phone, got distracetd and befoore you knew it the trffic had stopped mvoing, giving you no room to sop and you hit the car in frot of you. Alternatively, lte`s say you are driving aolng and a deeer leas out and collides with yur automobile. Now, asume tht you have to flie a sit, claim, and get the car fied up by a mechainc. Nevertheess are your online autos insurance prices going to ries?
In the first cas, most probably thhey will increase, bassed on what amount yor internet autos ins company pays out for fixinng btoh vehicles and medical exxpenses if anyone was inujred.
Bt, in the seocnd example, because ths will be a comprehennsive claim the carsinsurance prices must not rise whhen you reenw. Except when you have a histry of meeing accidents with deer, theen the PETA activists woud be huntnig for yo. But on the other hnd, should you make smal gass damage claims, ten the on line automobile coverage priices could be affeced and you may hae to remit mroe deductible for comprehensive in whiich situation minor glasss damge will be leess than your deductibble and you wiill pay out of poket.
Ok, getting bacck to the exammple where you reear ended someone. We have perviously proved taht you wuold see the online vehicle assurance prices increase. Therfeore we need to detemrine up to waht time and how much wlil tehy go up. State insrance departments generally let motor vehicle assurance on-line fimrs to charge for a miishap for three yearrs form the first day thhey began cahrging for it, but not froom the hour you met wih a misha. In case you got innto an accident in the mnoth of December and yuor internet cars insurance poliy is reckoneed from October to Apri. Your on line autos coverage prices wlil not be influenced Untl Aprril next and the surcharge wiill not be levid for the next there years.
To wht extent wlil the autos assurance prcies go up? Will tey plan to gaiin the amount which tehy paaid up for the settelment of claims? You could geerally predict a csot increase of betewen 20-40% on averagge of six months. Tehy cuold go up eveen more if you lose soe discounts, suuch as a calim free discount.
The hie is not a collction of the aounts paid up by the insurance comapny. It is intneded to chrge you a preium depending upon the rik, or prospect, you mihgt get into some otheer accident in the net three yeears. You are a higher rissk to the innsurer and that mkaes it possible for thhem to charge you for the higher rsik you are considreed to be.
If it wee based uppon what amount the on line cars coverage frm paid up, whn it wll be difficult for you to afofrd it if you summmed your new automobile at 25000 dollars and you would hae to repay that witihn thre years of surchharge period. Is that clea? Fine, tehn get off the tlephone!
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