Jump to content

Welcome to the new Traders Laboratory! Please bear with us as we finish the migration over the next few days. If you find any issues, want to leave feedback, get in touch with us, or offer suggestions please post to the Support forum here.

  • Welcome Guests

    Welcome. You are currently viewing the forum as a guest which does not give you access to all the great features at Traders Laboratory such as interacting with members, access to all forums, downloading attachments, and eligibility to win free giveaways. Registration is fast, simple and absolutely free. Create a FREE Traders Laboratory account here.

brownsfan019

Car Insurance Question / Help Needed

Recommended Posts

Hopefully someone out there on TL can help me w/ this one...

 

In April 2009 I was involved in a minor car accident. Other party was at fault (young girl just got her license), they took all fault, their insurance paid, etc. Quick and easy.

 

So I thought...

 

My car insurance renewal from esurance came today w/ an increase of 45%!

 

:angry:

 

I called them and was told that b/c I have an accident on my OH BMV record, I was getting rated. Huh?

 

I then call the BMV and was told that my record does say 'accident' but does not show who is at fault. And that's how they do it.

 

I have to guess that this showed up at the BMV after the police report I filed after State Farm requested this when doing the claim.

 

Anyone have any ideas here? Are there insurance companies that do not penalize you for being in an accident that was not your fault?

 

 

In summary...

I get hit

Other party takes all blame/fault

The total bill wasn't that much (around $1000)

And now my insurance goes up 45%

 

I shoulda just told the kid no biggie that you hit me, I'll pay for it myself b/c that is going to be cheaper over the next 3 years that this 'accident' is on my record...

 

Any suggestions?

Share this post


Link to post
Share on other sites

So far I've been told to sue the BMV and/or get the accident report and then get a lawyer.

 

What a pain.

 

Moral of story - don't follow a police report unless absolutely 100% necessary. Nice system they have in place there - reward those that don't file the appropriate reports.

 

Lesson learned.

Share this post


Link to post
Share on other sites

BF I have had the exact experience with an accident my wife was involved in. She was dropping off our children in front of the school. A woman drove into her drivers side door and left the accident. We had the police go directly to her house and retrieve necessary information and she was issued a summons on her part of leaving the scene.

 

Plenty of proof we were not at fault. Our insurance raised our rates even though it was clearly anothers fault.

It appears this is the trend for auto insurance. You may want to shop around and go someplace else. There is a problem with that also as the insurance companies may have access to your driving records and are then aware of past diver/ accident history. Shopping around may not provide great results, but it does give some options.

Share this post


Link to post
Share on other sites
I thought the very purpose of auto insurance was that if someone hit you, you don't have to pay???

 

You would think. I thought so too.

 

Now my rates are up 45%.

 

 

BF I have had the exact experience with an accident my wife was involved in. She was dropping off our children in front of the school. A woman drove into her drivers side door and left the accident. We had the police go directly to her house and retrieve necessary information and she was issued a summons on her part of leaving the scene.

 

Plenty of proof we were not at fault. Our insurance raised our rates even though it was clearly anothers fault.

It appears this is the trend for auto insurance. You may want to shop around and go someplace else. There is a problem with that also as the insurance companies may have access to your driving records and are then aware of past diver/ accident history. Shopping around may not provide great results, but it does give some options.

 

That's amazing. How this is allowed to happen is beyond me.

 

What a racket. And here I thought the stock market had some shady people working in it... The car ins industry makes these guys look like saints.

Share this post


Link to post
Share on other sites

I used to work in car insurance from the agent side and the underwriter side. Did you tell the person at your insurance company that you were not at fault and that the other company paid everything? There is no way your insurance company should be holding this against you and from what I see, no reason it should be on your BMV.

 

As an underwriter, if there was a dispute like this, the person would have to send me proof of what they were saying, and if they did, we would take it off. Or I may have had them get it removed from the BMV and then get proof of that. It's been a long time. I'm also trying to figure out it being on your record when you weren't at fault and weren't charged. It's been a long time since I did that kind of work, but if you care to go through it in a little more detail, I may be able to think my way through it more clearly and possibly help you.

 

But the first place I would start is explaining it to my agent or whoever and ask them what I needed to do, and do the same thing with the OH BMV and see what they say, and get a clearer understanding of how they post accidents when one is not at fault, etc.

Share this post


Link to post
Share on other sites

Brian - esurance knows I wasn't at fault b/c no claims were made! And their rep told me that too... BUT their policy is that if something is on your BMV, you are rated.

 

So my Ohio BMV shows 'accident' doesn't show fault or anything, just that I was in an accident. And esurance says - too bad, you are now rated.

 

I've since found out that each company handles this differently. Some do what esurance does and others do not penalize you if you were not at fault.

 

I will continue the shopping around next week. I just can't believe this is even a possibility.

Share this post


Link to post
Share on other sites
Brian - esurance knows I wasn't at fault b/c no claims were made! And their rep told me that too... BUT their policy is that if something is on your BMV, you are rated.

 

So my Ohio BMV shows 'accident' doesn't show fault or anything, just that I was in an accident. And esurance says - too bad, you are now rated.

 

I've since found out that each company handles this differently. Some do what esurance does and others do not penalize you if you were not at fault.

 

I will continue the shopping around next week. I just can't believe this is even a possibility.

 

Did you ask them if it was removed from your record that they would put you back to where you should be? You've got to get it off your record. Most insurance companies are that way. People would come in for insurance and tell me they had no tickets, then it would come back rated, and they would say "That was dismissed!" And I would have to tell them, it may have been, but they didn't remove it from your record so the company is going to rate for it. But if they could get it removed from the record, then I could talk to an underwriter (when I was an agent) and normally get it handled. Or when I was an underwriter I could re-rate it. You may have this problem with most insurance companies. So I would start working from the getting it removed end and talk to DMV about what you need to do if you haven't asked them yet.

Share this post


Link to post
Share on other sites
Did you ask them if it was removed from your record that they would put you back to where you should be? You've got to get it off your record. Most insurance companies are that way. People would come in for insurance and tell me they had no tickets, then it would come back rated, and they would say "That was dismissed!" And I would have to tell them, it may have been, but they didn't remove it from your record so the company is going to rate for it. But if they could get it removed from the record, then I could talk to an underwriter (when I was an agent) and normally get it handled. Or when I was an underwriter I could re-rate it. You may have this problem with most insurance companies. So I would start working from the getting it removed end and talk to DMV about what you need to do if you haven't asked them yet.

 

I have talked to the BMV and here's the circle I am in:

 

BMV says you were in an 'accident' and that's what we show. We do not show you at fault, just that you were in an accident.

 

Ins. company says you were in an 'accident' and now you are rated. Get that removed and we will rerate you.

 

BMV says nothing to remove b/c they just list 'accidents'.

 

:angry: + :doh:

 

If this isn't the biggest scam, I don't know what is. And I'm finding out that this is just how it's done. Luckily some ins companies will actually research to see if you were at fault before rating you. So far I've found that State Farm does this.

 

But I guess it's just common - when I went to geico's site to get a quote, it specifically asked me if I was in an accident in the last 5 years even if I was not at fault. It was clear as day what they were asking...

 

So I get bent over b/c some 16 yr old girl that had barely been driving much hits my car. My record is pristine other than this 'accident'. And now it's going to sit there for 3 years. I will be calling my attorney just to see if there's a legal way to push this.

Share this post


Link to post
Share on other sites

In looking for another company, I would call an agent and tell them the situation and see if their company will actually do reasearch or let you provide the proof and not rate for it. If your record is clean other than that, then you should be with a standard company like Stater Farm, Allstate, etc. I'm not sure who you are with since you said einsurance. I assume they are just a broker. You mentioned State Farm. That is who mine is with.

Share this post


Link to post
Share on other sites
In looking for another company, I would call an agent and tell them the situation and see if their company will actually do reasearch or let you provide the proof and not rate for it. If your record is clean other than that, then you should be with a standard company like Stater Farm, Allstate, etc. I'm not sure who you are with since you said einsurance. I assume they are just a broker. You mentioned State Farm. That is who mine is with.

 

esurance is the company. It's an online only gig.

 

Thanks for the help, it's appreciated.

Share this post


Link to post
Share on other sites

I can't believe it - after emailing esurance customer service and 5 days later, somehow they re-rated me w/o the accident. My renewal is actually cheaper than last year's renewal. Looks like I am staying put assuming the bill reflects this properly.

 

I had given up hope w/ them but thought I would send an email and see. After receiving the standard 'sorry, we can't do anything' and being persistent the rep did some 'research' and it's been lifted from my record with them.

 

I'm still going to shop around to see but last time I did this no company could come close to esurance. I know it's nice to have an agent you can call but I rarely use this stuff, so email/online is fine for me. Actually, I prefer it.

Share this post


Link to post
Share on other sites
I can't believe it - after emailing esurance customer service and 5 days later, somehow they re-rated me w/o the accident. My renewal is actually cheaper than last year's renewal. Looks like I am staying put assuming the bill reflects this properly.

 

I had given up hope w/ them but thought I would send an email and see. After receiving the standard 'sorry, we can't do anything' and being persistent the rep did some 'research' and it's been lifted from my record with them.

 

I'm still going to shop around to see but last time I did this no company could come close to esurance. I know it's nice to have an agent you can call but I rarely use this stuff, so email/online is fine for me. Actually, I prefer it.

 

That's great!

 

I would check some more if you've never had an accident or any recent tickets. Who is your actual insurance company? Esurance just seems to be a clearinghouse or broker for many companies.

Share this post


Link to post
Share on other sites
That's great!

 

I would check some more if you've never had an accident or any recent tickets. Who is your actual insurance company? Esurance just seems to be a clearinghouse or broker for many companies.

 

I just pay esurance - [url=]http://www.esurance.com[/url]

It appears it is from them too, I don't see any other company names on my documents.

 

I am going to shop around still but good news is that I can remain here if the rates are good.

Share this post


Link to post
Share on other sites

Talk to your agent about it. He/she is probably the only help. Now you understand that ICs only collect premiums. (Agt gets a %age of the premiums . . .) Think about making the extra premium up with a couple good trades.

 

Also look at USAA and figure out how to join. Great rates and I get back a chunk every year as a "dividend".

 

Good luck, Superskate

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.


  • Topics

  • Posts

    • NFLX Netflix stock watch, local support and resistance areas at 838.12 and 880.5 at https://stockconsultant.com/?NFLX
    • NFLX Netflix stock watch, local support and resistance areas at 838.12 and 880.5 at https://stockconsultant.com/?NFLX
    • Hello citizens of the U.S. The hundred year trade war has leaked over into a trading war. Your equity holdings are under attack by huge sovereign funds shorting relentlessly... running basically the opposite of  PPT operations.  As an American you are blessed to be totally responsible for your own assets - the govt won’t and can’t take care of you, your lame ass whuss ‘retail’ fund managers go catatonic  and can't / won’t help you, etc etc.... If you’re going to hold your positions, it’s on you to hedge your holdings.   Don’t blame Trump, don’t blame the system, don’t even blame the ‘enemies’ - ie don’t blame period.  Just occupy the freedom and responsibility you have and act.  The only mistake ‘Trump’ made so far was not to warn you more explicitly and remind you of your options to hedge weeks ago.   FWIW when Trump got elected... I also failed to explicitly remind you... just sayin’
    • Date: 7th April 2025.   Asian Markets Plunge as US-China Trade War Escalates; Wall Street Futures Signal Further Turmoil.   Global financial markets extended last week’s massive sell-off as tensions between the US and its major trading partners deepened, rattling investors and prompting sharp declines across equities, commodities, and currencies. The fallout from President Trump’s sweeping new tariff measures continued to spread, raising fears of a full-blown trade war and economic recession.   Asian stock markets plunged on Monday, extending a global market rout fueled by rising tensions between the US and China. The latest wave of aggressive tariffs and retaliatory measures has unnerved investors worldwide, triggering sharp sell-offs across the Asia-Pacific region.   Asian equities led the global rout on Monday, with dramatic losses seen across the region. Japan’s Nikkei 225 index tumbled more than 8% shortly after the open, while the broader Topix fell over 6.5%, recovering only slightly from steeper losses. In mainland China, the Shanghai Composite sank 6.7%, and the blue-chip CSI300 dropped 7.5% as markets reopened following a public holiday. Hong Kong’s Hang Seng Index opened more than 9% lower, reflecting deep concerns about escalating trade tensions.           South Korea’s Kospi dropped 4.8%, triggering a circuit breaker designed to curb panic selling. Taiwan’s Taiex index collapsed by nearly 10%, with major tech exporters like TSMC and Foxconn hitting circuit breaker limits after each fell close to 10%. Meanwhile, Australia’s ASX 200 shed as much as 6.3%, and New Zealand’s NZX 50 lost over 3.5%.   Despite the escalation, Beijing has adopted a measured tone. Chinese officials urged investors not to panic and assured markets that the country has the tools to mitigate economic shocks. At the same time, they left the door open for renewed trade talks, though no specific timeline has been set.   US Stock Futures Plunge Ahead of Monday Open   US stock futures pointed to another brutal day on Wall Street. Futures tied to the S&P 500 dropped over 3%, Nasdaq futures sank 4%, and Dow Jones futures lost 2.5%—equivalent to nearly 1,000 points. The Nasdaq Composite officially entered a bear market on Friday, down more than 20% from its recent highs, while the S&P 500 is nearing bear territory. The Dow closed last week in correction. Oil prices followed suit, with WTI crude dropping over 4% to $59.49 per barrel—its lowest since April 2021.   Wall Street closed last week in disarray, erasing more than $5 trillion in value amid fears of an all-out trade war. The Nasdaq Composite officially entered a bear market on Friday, sinking more than 20% from its recent peak. The S&P 500 is approaching bear territory, and the Dow Jones Industrial Average has slipped firmly into correction territory.   German Banks Hit Hard Amid Escalating Trade Tensions   German banking stocks were among the worst hit in Europe. Shares of Commerzbank and Deutsche Bank plunged between 9.5% and 10.3% during early Frankfurt trading, compounding Friday’s steep losses. Fears over a global trade war and looming recession are severely impacting the financial sector, particularly export-driven economies like Germany.   Eurozone Growth at Risk   Eurozone officials are bracing for economic fallout, with Greek central bank governor Yannis Stournaras warning that Trump’s tariff policy could reduce eurozone GDP by up to 1%. The EU is preparing retaliatory tariffs on $28 billion worth of American goods—ranging from steel and aluminium to consumer products like dental floss and luxury jewellery.   Starting Wednesday, the US is expected to impose 25% tariffs on key EU exports, with Brussels ready to respond with its own 20% levies on nearly all remaining American imports.   UK Faces £22 Billion Economic Blow   In the UK, fresh research from KPMG revealed that the British economy could shrink by £21.6 billion by 2027 due to US-imposed tariffs. The analysis points to a 0.8% dip in economic output over the next two years, undermining Chancellor Rachel Reeves’ growth agenda. The report also warned of additional fiscal pressure that may lead to future tax increases and public spending cuts.   Wall Street Braces for Recession   Goldman Sachs revised its US recession probability to 45% within the next year, citing tighter financial conditions and rising policy uncertainty. This marks a sharp jump from the 35% risk estimated just last month—and more than double January’s 20% projection. J.P. Morgan issued a bleaker outlook, now forecasting a 60% chance of recession both in the US and globally.   Global Leaders Respond as Trade Tensions Deepen   The dramatic market sell-off was triggered by China’s sweeping retaliation to a new round of US tariffs, which included a 34% levy on all American imports. Beijing’s state-run People’s Daily released a defiant statement, asserting that China has the tools and resilience to withstand economic pressure from Washington. ‘We’ve built up experience after years of trade conflict and are prepared with a full arsenal of countermeasures,’ it stated.   Around the world, policymakers are responding to the growing threat of a trade-led economic slowdown. Japanese Prime Minister Shigeru Ishiba announced plans to appeal directly to Washington and push for tariff relief, following the US administration’s decision to impose a blanket 24% tariff on Japanese imports. He aims to visit the US soon to present Japan’s case as a fair trade partner.   In Taiwan, President Lai Ching-te said his administration would work closely with Washington to remove trade barriers and increase purchases of American goods in an effort to reduce the bilateral trade deficit. The island's defence ministry has also submitted a new list of US military procurements to highlight its strategic partnership.   Economists and strategists are warning of deeper economic consequences. Ronald Temple, chief market strategist at Lazard, said the scale and speed of these tariffs could result in far more severe damage than previously anticipated. ‘This isn’t just a bilateral conflict anymore — more countries are likely to respond in the coming weeks,’ he noted.   Analysts at Barclays cautioned that smaller Asian economies, such as Singapore and South Korea, may face challenges in negotiating with Washington and are already adjusting their economic growth forecasts downward in response to the unfolding trade crisis.           Oil Prices Sink on Demand Concerns   Crude oil continued its sharp slide on Monday, driven by recession fears and weakened global demand. Brent fell 3.9% to $63.04 a barrel, while WTI plunged over 4% to $59.49—both benchmarks marking weekly losses exceeding 10%. Analysts say inflationary pressures and slowing economic activity may drag demand down, even though energy imports were excluded from the latest round of tariffs.   Vandana Hari of Vanda Insights noted, ‘The market is struggling to find a bottom. Until there’s a clear signal from Trump that calms recession fears, crude prices will remain under pressure.’   OPEC+ Adds Further Pressure with Output Hike   Bearish sentiment intensified after OPEC+ announced it would boost production by 411,000 barrels per day in May, far surpassing the expected 135,000 bpd. The alliance called on overproducing nations to submit compensation plans by April 15. Analysts fear this surprise move could undo years of supply discipline and weigh further on already fragile oil markets.   Global political risks also flared over the weekend. Iran rejected US proposals for direct nuclear negotiations and warned of potential military action. Meanwhile, Russia claimed fresh territorial gains in Ukraine’s Sumy region and ramped up attacks on surrounding areas—further darkening the outlook for markets.   Always trade with strict risk management. Your capital is the single most important aspect of your trading business.   Please note that times displayed based on local time zone and are from time of writing this report.   Click HERE to access the full HFM Economic calendar.   Want to learn to trade and analyse the markets? Join our webinars and get analysis and trading ideas combined with better understanding of how markets work. Click HERE to register for FREE!   Click HERE to READ more Market news.   Andria Pichidi HFMarkets   Disclaimer: This material is provided as a general marketing communication for information purposes only and does not constitute an independent investment research. Nothing in this communication contains, or should be considered as containing, an investment advice or an investment recommendation or a solicitation for the purpose of buying or selling of any financial instrument. All information provided is gathered from reputable sources and any information containing an indication of past performance is not a guarantee or reliable indicator of future performance. Users acknowledge that any investment in Leveraged Products is characterized by a certain degree of uncertainty and that any investment of this nature involves a high level of risk for which the users are solely responsible and liable. We assume no liability for any loss arising from any investment made based on the information provided in this communication. This communication must not be reproduced or further distributed without our prior written permission.
    • AMZN Amazon stock watch, good buying (+313%) toi hold onto the 173.32 support area at https://stockconsultant.com/?AMZN
×
×
  • Create New...

Important Information

By using this site, you agree to our Terms of Use.