Why do vehicle insurance rates progress up?
After an accident, why do car insurance rates goup? What happen to all the money I've paid within over the years?
Your rates increase because insurance had to pay for a mistake YOU made... so they charge you more and eventually you become a 'High Risk' driver.
One disaster or ticket means for some reason you're not a nontoxic driver, so the rate increases to cover the insurance co. in case you motivation multi $$$$ worth of damage again.
Kinda hard to explain.....
It's simply another path for the insurance company to collect more premiums. We are at their mercy
Beacuse you are now a RISK and need to settle more.
expect of how much you've paid in versus what the insurance have to pay out, it doesn't even come close
some people are more unwary and should pay more than others who are careful and abide by the decree
"> If you are a good driver, never had an happenstance, over 50 years, you will have spent 10,000$, with nought to show for it. You don't get the money back, but it is alike as if someone totalled your 10,000$ vehicle and you could not recover. I think they involve to find a better system so that good drivers do not lose 10,000 down the rathole.But they do not want to tackle that problem.
Hello
You pay lb300 a year Full Comp with Protected NCB (lb100 excess)
Your disaster, which if your fault will cost you lb100 (excess), cost them say lb20K for the other sports car being written off, lb3K Minus lb100 for your saloon being written off, lb30K medical bills for other driver.
So they hold to get back the lb53K they enjoy paid out, and of course this is spread over adjectives their policy holders as they would not expect you to pay lb53.3K plus 5% Inflation.
So every time I insure i pay a bit more and own Protected NCB, (Some will only Protect once you get to Full NCB) of 60%.
Some companies allow you to enjoy 1 or 2 accidents a year but these are obviously the more expensive ones.
Most Companies allow 10% per year NCB up to 40 or 50% later drop to 5% per year until top out at 60 or 70%.
Andy C
Related Questions:
Your rates increase because insurance had to pay for a mistake YOU made... so they charge you more and eventually you become a 'High Risk' driver.
One disaster or ticket means for some reason you're not a nontoxic driver, so the rate increases to cover the insurance co. in case you motivation multi $$$$ worth of damage again.
Kinda hard to explain.....
It's simply another path for the insurance company to collect more premiums. We are at their mercy
Beacuse you are now a RISK and need to settle more.
expect of how much you've paid in versus what the insurance have to pay out, it doesn't even come close
some people are more unwary and should pay more than others who are careful and abide by the decree
"> If you are a good driver, never had an happenstance, over 50 years, you will have spent 10,000$, with nought to show for it. You don't get the money back, but it is alike as if someone totalled your 10,000$ vehicle and you could not recover. I think they involve to find a better system so that good drivers do not lose 10,000 down the rathole.But they do not want to tackle that problem.
Hello
You pay lb300 a year Full Comp with Protected NCB (lb100 excess)
Your disaster, which if your fault will cost you lb100 (excess), cost them say lb20K for the other sports car being written off, lb3K Minus lb100 for your saloon being written off, lb30K medical bills for other driver.
So they hold to get back the lb53K they enjoy paid out, and of course this is spread over adjectives their policy holders as they would not expect you to pay lb53.3K plus 5% Inflation.
So every time I insure i pay a bit more and own Protected NCB, (Some will only Protect once you get to Full NCB) of 60%.
Some companies allow you to enjoy 1 or 2 accidents a year but these are obviously the more expensive ones.
Most Companies allow 10% per year NCB up to 40 or 50% later drop to 5% per year until top out at 60 or 70%.
Andy C
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