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Started By
Message
re: Why does my insurance premium increase if someone crashes into me?
Posted on 1/27/17 at 11:35 am to TDcline
Posted on 1/27/17 at 11:35 am to TDcline
Report your insurance company to the Insurance Commissioner. Raising rates for a no fault accident is illegal
La RS 22:1284
ETA: assuming you're in LA
La RS 22:1284
ETA: assuming you're in LA
This post was edited on 1/27/17 at 11:38 am
3
Posted on 1/27/17 at 11:45 am to Motorboat
Thanks for this statute. May come in handy. My daughter's car was parked uptown and someone hit the front and took off. I reported it as a hit and run but got it fixed for under my deductible.
Less than a week later, someone t-boned her car and while it was disabled, someone struck it in the rear.
Both insurers accepted responsibility but I reported to my insurance company just in case. They better not raise my fing rates for all of this crap.
Less than a week later, someone t-boned her car and while it was disabled, someone struck it in the rear.
Both insurers accepted responsibility but I reported to my insurance company just in case. They better not raise my fing rates for all of this crap.
Posted on 1/27/17 at 11:46 am to TDcline
quote:
The rep at one insurance company let me know that because of this accident, my premium is significantly more than it would be. The report shows the other party was at fault, but my premium goes up regardless? I don't understand this.
The rep is probably full of shite or the accident was mis-classified on claim report as "at-fault" instead of "not at-fault".
Posted on 1/27/17 at 11:47 am to Demshoes
It's pointless.. The insurance just tells ya that they are raising your rates because they've determined you drive in a higher risk area
Posted on 1/27/17 at 11:47 am to TDcline
Because statistically speaking you are likely to get in car accidents now
Posted on 1/27/17 at 11:50 am to CorkSoaker
If you hang around poisonous snakes, you are likely to get bit. Insurance companies prescribe to this theory regarding accidents.
Posted on 1/27/17 at 11:51 am to Snoopy04
quote:
Despite not being at fault, statistics show if you're involeved in any accidents whatsoever, the likelihood of another increases. It's a bullshite concept but rates are all based on algorithms that I wouldn't even dare try and understand.
Still illegal to surcharge an individual policy for a not at-fault accident (at least in LA).
One insurance company that I know of recently stopped writing new policies for drivers who have a not at-fault accident on their record, unless that person has other policies through the same carrier (homeowners, boat, motorcycle, etc). Reasoning being that the driver with a not at-fault accident is still statistically more likely to be involved in another accident than someone with a clean record, but insurer can't rate it that way because its illegal for them to surcharge for a not at-fault accident.
Posted on 1/27/17 at 1:41 pm to BoogaBear
quote:
BoogaBear
Works for the insurance company I'm sure.
I wonder how much the average person spends yearly on insurance of all types. Consider also, that much of it is mandated by the government.
Certainly, mr insurance man, they are not hurting so bad that they can't afford those tall buildings.
Posted on 1/27/17 at 1:45 pm to TDcline
quote:
The rep at one insurance company let me know that because of this accident, my premium is significantly more than it would be.
You mind sharing what company, b/c you obviously got someone either very new or not very smart. If you weren't at fault then you wouldn't be charged at all.
Posted on 1/27/17 at 1:47 pm to TDcline
quote:
The insurance companies seems to have no liability whatsoever.
Liability only.
Posted on 1/27/17 at 2:30 pm to Motorboat
quote:
Report your insurance company to the Insurance Commissioner. Raising rates for a no fault accident is illegal
La RS 22:1284
ETA: assuming you're in LA
cute you think that is applicable.
Posted on 1/27/17 at 2:45 pm to Chad504boy
A. No insurer shall increase the rate, increase or add a surcharge, cancel, or fail to renew any policy of motor vehicle insurance when such action is based on consideration of one or more nonfault incidents.
B. In this Section, "nonfault incident" means an accident, collision, or other incident involving a vehicle covered by a policy issued by the insurer in which the driver of the insured vehicle was not at fault, regardless of whether the incident was reported to any law enforcement agency.
C. Any insurer who violates this Section shall refund to the insured person the amount of premium which was paid which exceeded the premium which would have been charged if the insurer had complied with this Section, together with a penalty payment in amount equal to triple the amount of the refund or one thousand dollars, whichever is greater. The insured shall also be entitled to attorney fees should he prevail.
D. Notwithstanding any other provision of law to the contrary, one or more nonfault accidents or collisions shall not be the sole basis for an insurer's denial of an application for a policy of motor vehicle insurance nor shall such an accident or collision be considered by an insurer in determining the rates for such a policy. In addition, no insurer shall require that such coverage be provided by another insurer based solely upon such an accident or collision.
Seems very clear to me. I know you're in the insurance business--are you being cute or just letting us know that the insurance business doesn't really care?
B. In this Section, "nonfault incident" means an accident, collision, or other incident involving a vehicle covered by a policy issued by the insurer in which the driver of the insured vehicle was not at fault, regardless of whether the incident was reported to any law enforcement agency.
C. Any insurer who violates this Section shall refund to the insured person the amount of premium which was paid which exceeded the premium which would have been charged if the insurer had complied with this Section, together with a penalty payment in amount equal to triple the amount of the refund or one thousand dollars, whichever is greater. The insured shall also be entitled to attorney fees should he prevail.
D. Notwithstanding any other provision of law to the contrary, one or more nonfault accidents or collisions shall not be the sole basis for an insurer's denial of an application for a policy of motor vehicle insurance nor shall such an accident or collision be considered by an insurer in determining the rates for such a policy. In addition, no insurer shall require that such coverage be provided by another insurer based solely upon such an accident or collision.
quote:
cute you think that is applicable.
Seems very clear to me. I know you're in the insurance business--are you being cute or just letting us know that the insurance business doesn't really care?
Posted on 1/27/17 at 2:53 pm to TDcline
They figure you are not a defensive driver and plus, insurance uses any excuse to raise your rate
Posted on 1/27/17 at 2:55 pm to Snoopy04
quote:
Despite not being at fault, statistics show if you're involeved in any accidents whatsoever, the likelihood of another increases. It's a bullshite concept but rates are all based on algorithms that I wouldn't even dare try and understand.
What I don't understand is that we all have a probability of having an accident at some point. Therefore, getting in an accident simply fulfills that chance. It isn't until you have a second or third accident that they can begin to establish a trend that you are a higher risk.
Posted on 1/27/17 at 2:55 pm to Motorboat
LSA-R.S. 22:1284, LA R.S. 22:1284
Current through the 2016 First Extraordinary, Regular, and Second Extraordinary Sessions.
Current through the 2016 First Extraordinary, Regular, and Second Extraordinary Sessions.
Posted on 1/27/17 at 2:57 pm to BoogaBear
quote:
Profit margins for the best performing insurance companies are < 5%. Most are between 1-2%.
Consider the amount of insured vehicles in this country and that 1% is still a very... VERY big number.
Posted on 1/27/17 at 3:00 pm to Bmath
quote:
What I don't understand is that we all have a probability of having an accident at some point.
That is why they ask for your zip code. You are much more likely to get in an accident (regardless of fault) in a city like New Orleans compared to a city like hackberry.
Rates reflect that.
Posted on 1/27/17 at 3:05 pm to BoogaBear
quote:
Profit margins for the best performing insurance companies are < 5%. Most are between 1-2%.
Because they overpay everyone that works for them and buy all those aforementioned really nice buildings
Posted on 1/27/17 at 3:09 pm to Motorboat
quote:
A. No insurer shall increase the rate, increase or add a surcharge, cancel, or fail to renew any policy
My issue in how this reads is there's 2 separate issues here... increasing rate/surcharging on current policy... yea no go. I don't see how this definitely reads into taking account into rating of a new policy renewal offer nor any other company offering a new business quote based off of their clue reports with not at faults or at fault accidents.
Posted on 1/27/17 at 3:11 pm to TDcline
Because when they crash into me, they come into you.
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