Recently my car was broken into and the damage was over $3000. With my deductible being $1000, I decided to file a claim with my insurance. Since then, I have gotten my renewal offer, that included an almost 30% increase in my premium which was already high. My 6 month premium is already almost $1500, so this 30% increase is a pretty significant amount. I am wondering how excessive this premium increase is as I feel my insurance cost is already very high.
Additional information
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I have 2 NOT at fault accident claims in the last 3 years, both from people who ran through stops and hit me….I have bad luck.
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my insurance only paid for the vandalism claim not the 2 accidents
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car is a 2013 Lexus GS 350
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I have no other driving/speeding tickets.
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I am a 24 male
Almost 30% Auto Premium Increase due to Vandalism Claim
byu/WraithN inInsurance
Posted by WraithN
11 Comments
On a case-by-case basis, it is tough to tell. Everyone is getting rate increases because industry trends are 10%+ year over year. Then you have the claim that puts you in the bucket of people who had claims recently which is heavily correlated with having claims in the future.
The only thing you can do is shop around and see what other insurers would charge you for your risk to tell if it’s excessive or not.
Funny enough, though, “not at fault” accidents are often also pretty predictive of future claims but are usually prohibited from use in rate-making. (i.e. worse drivers just get into more accidents in general both at fault and not at fault, so I wouldn’t chalk it all up to bad luck)
You’re a young man with three claims in three years. Unfortunately, you’re risky to insure.
You forgot the most important thing. Which State. Every one has different rules.
Also year, make, model helps.
Bro, I see people getting 40-50% increases with no claims at all. Prices are increasing for everyone. You aren’t unique in this.
If your insurance company paid out on those 2 not at fault claims in addition to this vandalism claim, they’re the ones with bad luck. $3.6K annual premium for a 24 year old male with 3 claims in 3 years (without even knowing the make and model of your car) – it’s high, but not that high considering how risky you seem to be (even if it’s just bad luck).
The thing to do here is shop around. Maybe you can do better, maybe your renewal rate is the going rate for you. Good luck.
Your premium is based off of your risk profile. This means your insurance doesn’t really care if you weren’t at fault or if they didn’t pay. The very existence of multiple accident claims means you’re still an increased risk because you weren’t driving defensively enough to avoid the incidents.
Three claims in three years will always lead to a hike and should have been taken into account before filing the vandalism claim. Sorry.
Shop around and see for yourself.
That sucks. In Canada, vandalism claims don’t count for rating reasons, and neither do not at faults. Only thing is if you get too many comp claims they can drop comp coverage.
Insurers don’t want to cover people with bad luck
That is cheap, I have 2 claims in 6 years and my insurance is $5700/yr as 28 male. Lucky…..
Get a dash cam. Best $100 we can spend.
Another car runs a stop- you have a silent witness showing what you did and what happened