What does 'Rating 1 for Life' tight?
I'm about to buy my first car and, essentially, I'm looking at insurance. I keep hearing going on for 'Rating 1 for Life' but I'm not sure what it means, and the insurance company's website doesn't make it any clearer. Can anyone transmit me what this is?
Answers:
Rating 1 for life is a term used by Insurance Companies. However, they individually hold their own "rules" with how you keep this.
A MV policy starts at a rating 6 .... if you hold an "at fault accident" and make an insurance claim, it go up 2 ratings (bearing in mind "at fault included shabby whilst parked).
If you have no claim it goes down 1 point rating.
It as a rule takes 5 years to get to rating 1, and some insureres merely offer rating 1 for life to customers who hold been on rating 1 for at least 3 years.
The best point is to regularly check premiums, whether you are rating 1 or not doesn't mean you have the best business deal.
General Insureres (like Suncorp, GIO etc) are generally higher than smaller insurers (ie Budget) who tend to be hugely selective.
The larger companies also have bigger overheads and a often poorly manage, hence the bigger overheads.
Related Questions:
Answers:
Rating 1 for life is a term used by Insurance Companies. However, they individually hold their own "rules" with how you keep this.
A MV policy starts at a rating 6 .... if you hold an "at fault accident" and make an insurance claim, it go up 2 ratings (bearing in mind "at fault included shabby whilst parked).
If you have no claim it goes down 1 point rating.
It as a rule takes 5 years to get to rating 1, and some insureres merely offer rating 1 for life to customers who hold been on rating 1 for at least 3 years.
The best point is to regularly check premiums, whether you are rating 1 or not doesn't mean you have the best business deal.
General Insureres (like Suncorp, GIO etc) are generally higher than smaller insurers (ie Budget) who tend to be hugely selective.
The larger companies also have bigger overheads and a often poorly manage, hence the bigger overheads.
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