Insurance rate increase for youthful disaster?
My 16-year old son just have his first accident. We are not worried so much about his sports car, we only had liability, but the reduce to rubble to the other vehicle may be $3000 or more. We have insurance with Geico.
I guess I am considering simply paying for it, a little afraid what may happen to our insurance rates. Any experience next to this with Geico or other insurance carriers?
Typically how much will they stir up, over what period of time do they try to recover their costs?
Thanks
Answers:
You could be looking at a rate doubling.
In California the rates go up for 3 years. An stroke of luck or ticket stays on your record for 3 years.
You might want to ask for a driver exclusion and then he would not be allowed to drive. If you do that your rate would not dance up because they would not be covering him.
Just a thought. Or, your rates will increase. How much depends on your state and the company.
how much will be base on several variables, including age of the driver, value of the claim, etc ...
we recently have to deal with Geico and they upped our rates around 40$ a month over a $480 claim ... we were hoping Geico would help us disagree it b/c we said they hit us and they said we hit them (otherwise we wouldn't have reported it) ... it was a frivolous claim, too, no ticket b/c it be in a parking lot ...
considering he just started driving, I would jump out of pocket as they will hit him hardest as a high risk driver ... unfortunately, if he received a citation for the calamity and gets the points on his license, the rates will still go up, but perchance not as much if they don't have to pay out for it ... if you can catch the citation downgraded or something in court, you may have no increase, though ...
honest luck! Source(s): ps - I had an accident when i be 16 ... pretty much doubled my car insurance and my guardians kicked me off their policy and made me progress solo ... which was even more expensive ...
Insurance rates jump up after an accident if its your fault.
Your rate will most likely double, if not triple. He's a mannish, he's young, and now he's get an accident on his record. Good luck finding any insurance company cheaper than Geico though. Any young accident will make your rates sky rocket Source(s): Insurance Agent
Related Questions:
I guess I am considering simply paying for it, a little afraid what may happen to our insurance rates. Any experience next to this with Geico or other insurance carriers?
Typically how much will they stir up, over what period of time do they try to recover their costs?
Thanks
Answers:
You could be looking at a rate doubling.
In California the rates go up for 3 years. An stroke of luck or ticket stays on your record for 3 years.
You might want to ask for a driver exclusion and then he would not be allowed to drive. If you do that your rate would not dance up because they would not be covering him.
Just a thought. Or, your rates will increase. How much depends on your state and the company.
how much will be base on several variables, including age of the driver, value of the claim, etc ...
we recently have to deal with Geico and they upped our rates around 40$ a month over a $480 claim ... we were hoping Geico would help us disagree it b/c we said they hit us and they said we hit them (otherwise we wouldn't have reported it) ... it was a frivolous claim, too, no ticket b/c it be in a parking lot ...
considering he just started driving, I would jump out of pocket as they will hit him hardest as a high risk driver ... unfortunately, if he received a citation for the calamity and gets the points on his license, the rates will still go up, but perchance not as much if they don't have to pay out for it ... if you can catch the citation downgraded or something in court, you may have no increase, though ...
honest luck! Source(s): ps - I had an accident when i be 16 ... pretty much doubled my car insurance and my guardians kicked me off their policy and made me progress solo ... which was even more expensive ...
Insurance rates jump up after an accident if its your fault.
Your rate will most likely double, if not triple. He's a mannish, he's young, and now he's get an accident on his record. Good luck finding any insurance company cheaper than Geico though. Any young accident will make your rates sky rocket Source(s): Insurance Agent
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