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Old 04-01-2009, 05:58 PM   #1
D..
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parking lot accident

If i get into an accident in a parking lot, and i am at fault, and the person who i hit insists to go through insurance, would my insurance go up?

The reason i ask is because arent parking lot accidents usually considered 50/50 when it comes to determining whos at fault? so if the other person claims the accident then his company would cover his damages and if i never claim the accident to my company then my insurance shouldn't go up right? Is that right or am i mistaken?
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Old 04-01-2009, 06:54 PM   #2
parm
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As long as you are at fault, you risk the chance of your rates to increase regardless of where the accident happens. Unless you have accident forgiveness. Your insurance might not raise the rates right away, and have you thinking your ok , but when you renew the claim will arise.
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Old 04-01-2009, 07:05 PM   #3
damameke
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Quote:
Originally Posted by D.. View Post
If i get into an accident in a parking lot, and i am at fault, and the person who i hit insists to go through insurance, would my insurance go up?

The reason i ask is because arent parking lot accidents usually considered 50/50 when it comes to determining whos at fault? so if the other person claims the accident then his company would cover his damages and if i never claim the accident to my company then my insurance shouldn't go up right? Is that right or am i mistaken?
Your assumption is correct.. mishap at private property is 50/50;
then again you are dealing with insurance company, we never know
when they will increase our rate.

In your situation, even tho you are not putting in a claim;the other
party might put a claim against you therefore your insraunce will be notified

for what I know.. insurance rate will go up this year due to losses from the global economy....
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Old 04-02-2009, 12:28 AM   #4
344i
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Quote:
Originally Posted by damameke View Post
Your assumption is correct.. mishap at private property is 50/50;
then again you are dealing with insurance company, we never know
when they will increase our rate.

In your situation, even tho you are not putting in a claim;the other
party might put a claim against you therefore your insraunce will be notified

for what I know.. insurance rate will go up this year due to losses from the global economy....
WHAT?!?! What losses from the economy!?!? I pay $460 a month, i can t pay anymore, this is UPSURD.
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Old 04-02-2009, 12:51 AM   #5
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Originally Posted by 344i View Post
WHAT?!?! What losses from the economy!?!? I pay $460 a month, i can t pay anymore, this is UPSURD.
The insurance industy is doing very well...They are for sure not loosing any $$$...with the billions of profit they make
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Old 04-02-2009, 02:06 AM   #6
ericdalinda
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The insurance industy is doing very well...They are for sure not loosing any $$$...with the billions of profit they make
not entirely true... the money collected from insurance isnt just to cover the accidents and so fourth.. if alot of accidents happen the bank will loose money...

at many RBC Dominion Securities branches they have traders there that invest in capitol markets.

let me explain what actually goes on...

1,000 guys want insurance they go to company Y and company Y says each one of you can get insurance for 5,000 each.

company X sees this and markets there insurance for 4,500 each. so the 1,000 guys go there.

lets just say that the 1,000 people went to company y and signed insurance.
and 100 of them got into a serious accident.. that extra 500 dollars there is for the company to be safe and wont take such a heavy loss in insurance provided.

same situation but the 1000 went to company X and signed and 100 of them went into a serious accident.. company X is SCREWED!!!..

but what company X does is take a chunk of that 4500 and invests it in the stock market and they get EXPONENTIAL returns..

not only can they cover the costs of the accident but they made a nice little return.

not only that.. other customers looking for insurance sees that company X offers lower rates then company Y so even THEY get more buisness.

its all great for company X lower rates, more customers. and if none of them got into any accidents then company X makes HUGE bucks.



now how does this all tie into higher rates???

company X cant make jack squat into todays markets... just loosing money left right and center. to cover the costs they are going to increase the rates...

the banking system is one ****ed up organism..
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Old 04-02-2009, 07:18 AM   #7
damameke
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Originally Posted by ericdalinda View Post
not entirely true... the money collected from insurance isnt just to cover the accidents and so fourth.. if alot of accidents happen the bank will loose money...

at many RBC Dominion Securities branches they have traders there that invest in capitol markets.

let me explain what actually goes on...

1,000 guys want insurance they go to company Y and company Y says each one of you can get insurance for 5,000 each.

company X sees this and markets there insurance for 4,500 each. so the 1,000 guys go there.

lets just say that the 1,000 people went to company y and signed insurance.
and 100 of them got into a serious accident.. that extra 500 dollars there is for the company to be safe and wont take such a heavy loss in insurance provided.

same situation but the 1000 went to company X and signed and 100 of them went into a serious accident.. company X is SCREWED!!!..

but what company X does is take a chunk of that 4500 and invests it in the stock market and they get EXPONENTIAL returns..

not only can they cover the costs of the accident but they made a nice little return.

not only that.. other customers looking for insurance sees that company X offers lower rates then company Y so even THEY get more buisness.

its all great for company X lower rates, more customers. and if none of them got into any accidents then company X makes HUGE bucks.



now how does this all tie into higher rates???

company X cant make jack squat into todays markets... just loosing money left right and center. to cover the costs they are going to increase the rates...

the banking system is one ****ed up organism..
Ericdalina is correct.. even tho its insurance division is making from out premium. their investment portion is lsing aot of money du to the downtown.

They cant pay their seg fund investors.. therefore they re-issue shares again and they wil jack up their premium.. either way we are screwed...

so you are paying 460$ a month.. I hope your rate wil not go up..I truely do...
I am praying that my wil not go up in July...
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Old 04-02-2009, 07:59 AM   #8
Ceeker
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Then perhaps we should be buying stock in the insurance companies? Even in a down market, eventually things do turn around and then you'll also make money to offset your ins expense down the road? I know it's CUT THROAT BIZ....
Think about this; they advertise along with the banks losses for each quarter in these times but forget to mention the astronomical profits they recorded of the good times..They aren't losing....they never lose....this is the gov't we're talking about.
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Old 04-02-2009, 12:57 PM   #9
damameke
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Then perhaps we should be buying stock in the insurance companies? Even in a down market, eventually things do turn around and then you'll also make money to offset your ins expense down the road? I know it's CUT THROAT BIZ....
Think about this; they advertise along with the banks losses for each quarter in these times but forget to mention the astronomical profits they recorded of the good times..They aren't losing....they never lose....this is the gov't we're talking about.
Buying INSurance(INS) stock to pay car INS premium, well, you can do that
but you should treat investing separate..

MFC - Manulife's stock was at $9 a week or so ago and today it $16 plus, you could/would have made $7000 if you bought 1000 shares a week or so ago.

Eventually.. these companies will make money again but dont expect them to cut your premium....
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Old 04-02-2009, 01:04 PM   #10
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^^ See that is upsurd. I have been insured under my own name, As the primary driver and my record has been completely clean for the year. No tickets, infractions, nothing. I had a accident 2 years ago. So as a reward, my insurance will go up instead of drop? HORSESHIT.

/rant
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Old 04-04-2009, 05:10 PM   #11
PROJECT_E36
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back on topic, an accident in a parking lot is 50/50 unless you hit a parked car. Your insurance will go up if the other driver claims it and you dont. i know this because my mom was in this exact situation. the driver she hit claimed, and both insurance rates went up.
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