Q: When someone has an at fault accident, what parts of the premium increase? Is it the collision and property damage or do they spread the increase across everything? Thanks.
A: It is usually an across the board increase, but you won’t usually see it until your policy renews again.
Q: I put a dent in another person’s truck and I looked up how much it might cost to repair it and it’s around 1800 dollars. I am 16 and have had my license since June. How much would my insurance go up with geico?
A: Even Geico can’t tell you how much your insurance premium will go up until the computer system processes your renewal. However, if you filed a claim for the other person’s damages you will be just about guaranteed a good sized increase because of your age and that you haven’t had your license for long.
Source: Allstate.com
Q: I had an at- fault accident earlier this march. Geico paid for the damages and the other party. Usually I go for six months plan and it would cost me around 265 dollars. But after this accident and on renewal they have hiked my six months plan rate to nearly 475 dollars. This was my first at-fault accident and there was no ticket from the police since it was a fender bender and the other driver was driving with a suspended license. I never got a traffic ticket till date. Is there any way I can talk to Geico to reduce the plan rate. As I see they have increased it by nearly 80%.Please let me know your suggestions. Thanks.
A: Insurance rates are a set in stone kind of thing, there is no way to get them to reduce the rate. Your only option would be is to go to another insurance company that might be able to give you better rates.
Q: My son (Canadian) will be doing his medical rotation in the States. He will be in Virginia for 6 weeks then back in Canada for 4, then 4 wks West Virginia and Canada 2 weeks, Then Rochester 6 months coming back to Canada every second weekend (near the border). What does he have to do ? He has a Canadian license -he is buying a vehicle – were should he get it registered etc.
A: My first inclination would be that if he has a Canadian license and will retain his Canadian citizenship and will be returning to Canada after he is done, that he will register the vehicle in Canada. Best to ask an insurance agent though and kill two birds with one stone, because then they can also talk to you about the insurance coverage when he crosses the border for those varying periods of time.
Unless you work in the car insurance industry, the topic is probably a mystery to you. The words deductible, comprehensive, collision, liability, premium, loss of use and bodily injury are all gibberish when they reach your ears.
Unfortunately, insurance is something that you are required to have by law if you want to drive. Because of how confusing it is many people go around in almost an insurance daze while they get car insurance quotes from the auto insurance companies that they have heard of. In reality, they are completely lost as to what they are actually buying.
Instead of looking at what each insurance company offers in the terms of protection for both themselves and their car, they are instead looking for cheap car insurance. Finding the cheapest car insurance coverage makes having to buy the required product all that much less painful, but misses the whole point of having insurance.
Learning about insurance through your insurance agent or websites like Car Insurance Guidebook will give you the upper hand when you looking for car insurance. You can take your knowledge and not only find the best price for insurance, you can use it to find really great insurance to protect you and your assets. Then you aren’t stuck settling for just average car insurance that can hurt you financially if you ever need it because there isn’t enough protection.
For example, when looking for insurance the car insurance rates are just the first of many factors that need to be taken into account when you are shopping around for car insurance. You also need to take into account the type of vehicle that you are driving. Many people don’t know this.
Are you driving around a vehicle that is a new sedan and can be protected under any blanket insurance policy? Or do you have an old car that you fixed up that needs special protection and could be better covered under classic car insurance?
Don’t just assume that when you compare car insurance that it will be a one-size-fits-all policy. This is where the insurance knowledge will come in handy; you will know what you need to protect yourself and your vehicle.
You will understand what your insurance agent is talking about when they use insurance terms and you will actually be able to make an informed decision. This is much better for you instead of the “nod and smile” approach people take in their insurance agent’s office.
Also just like your life changes your insurance needs will change. This year you may just need to learn about the best deductible to have. Next year you may need to educate yourself on car insurance for young drivers. As the years pass, motorcycle insurance may be something you will need to know.
Many wise people say that you never stop learning, so take their advice and educate yourself on the insurance that you spend a lot of money on and can’t get away with not having.
