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Auto Insurance Claims/Reduce insurance Rates

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Expert: - 11/20/2010


Question
Hi,

I recently met with an accident. It was 100% my fault as I rear headed another vehicle. My car was totaled up & I just bought a new car. I'm continuing with my previous insurance company who suddenly increased my insurance rates by around 40%!

My question is, how can I reduce my insurance rates? Can I change my insurance provider? I bought the new car in my spouse's name.. however, since I was added as an additional driver, the rates didnt seem to reduce :(

Thanks,
Vidi

Answer
You can change your insurer at any time and they will refund the unused premium you have already paid.  So you can shop around and see if you can get a better rate.  But keep in mind that not all  insurers provide the same quality insurance.  Some companies provide very poor service, so I'd be careful.  You do not want a lot of hassle if you have a claim.

Auto Insurance Claims

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Claims Guy

Expertise

I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer......I can answer questions related to any aspect of Automobile insurance claims and coverages. I can provide an inside look at how insurers operate. I always treat my customers fairly and want to help make sure you are treated fairly. However, please keep in mind that being treated fairly according to the law does not guarantee that you will get what you want. I can also answer some questions regarding Homeowner's and other types of insurance claims. I have handled all types of auto insurance claims and coverages. I am NOT an automotive repair expert but can give advice re how insurers handle complex repair issues. Please keep in mind that every state has its own set of laws pertaining to rules of the road, liability, and insurance. No one is an expert on every state. I am most familiar with laws in Maryland, DC, West Virginia, and Virginia, but will attempt to answer questions for other states. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.

Experience

I am currently an Auto Claims Manager for a large insurance company. I have 18 years experience in the industry, having worked as a Claims Adjuster, Injury Settlement Negotiator, Claims Manager, SIU/Fraud Investigator, and Compliance Officer. I am not an attorney an cannot provide legal advice. My advice will be my opinion based on my experience.

Organizations
CPCU Society. Adjusters license in multiple states. International Association of Specal Investigators

Education/Credentials
I have a B.S. in Finance and have completed the AIC and CPCU designations.

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