Do car insurance companies know how long I have been a licensed driver for?
When I was younger I remember a distant family member telling me to get my CA state ID as soon as I can because when I get a driver's license and a car the insurance companies won't be able to tell which I got first. All they see is when my ID# was assigned to me, and that it will look like I have been a driver longer and get a better rate. I don' know if this is true. I am getting my first car in about a month and I want to get a good price on insurance. Need more info? I got my California state ID when I was 20 and my CA drivers license when I was 25 and I am 26 now. So there is a big difference of time. I know it sounds kinda dishonest but I have been driving since I was 17, so I do have good driving experience but it might not look that way since I've only had my license for a year and a half, when it could look like I have been a good driver for 6 years. If any one can help me out that would be awesome, please link your info or proof if you can. Thank You!
Can I change auto insurance companies just after a claim so I don't need to pay the increased premiums?
This is an excellent question. However an accurate answer will depend on the state in which you reside and the insurance company with which you currently carry insurance.The question details are important to the answer(s):Can I change auto insurance companies just after a claim so I don't need to pay the increased premiums?Someone crashed into my car while it was parked. As there was no note left or anyway of finding out who did it, the insurance company made me pay an excess plus they doubled my premiums. I don’t think that is fair. That’s why I want to change companies. Can I do this without any complications?First… make sure that your insurance company understands the nature of the incident. Do not assume they have the accident logged correctly.In some cases insurance claims are coded incorrectly with significant consequences to the insured.Ask your insurance representative how the event is referenced in the company claim file. Specifically… ask if it is coded as a At Fault Accident (Accident At Fault). If you find that the accident is incorrectly tagged as “at fault”, that designation will need to be addressed and corrected.Even though the claim described is covered under Collision, your vehicle was parked and unattended. Because of that, the incident should be listed as a NOT At Fault Accident.Secondly… in New York… you may be able to escape accident surcharges if you switch within a couple of months of incident date. But… that does not mean one should avoid disclosing the accident. Accidents and driving history should always be disclosed accurately.Always try to work out and inaccuracy with your current insurance company first. If there is a problem with how an accident has been reported, your current company represent the best means to correct the problem.Thanks for the A2A.
Can health insurance companies tell if you are "legally" married?
I'm on my husband's insurance as his wife (our son is on as well, we have a family plan) but tho we had the wedding, we never signed the papers. Will they know? Am I still covered? He pays the extra money at work for the family plan...
Can an insurance company change their mind after my car was deemed totaled?
I was in an accident where i rearended someone, the damage to my car was pretty extensive. The insurance company told me that it was a total loss and to contact my finance company. I did and they told me to contact my gap insurance, which I did. The next day I spoke to the adjuster who now says my car is fixable and provided me with an estimate without the airbags included. They stated that a different company would have to deal with the airbags once I started the repairs on the vehicle. This sounds kinda shady to me. Now that I have asked for a full estimate with the including of my airbag estimate they are not being very nice. I know that once I start repairs on the vehicle I am agreeing with the settlement so my question is....are they allowed to change their mind once they have deemed it totaled?
Why do insurance companies need reinsurance if they are so great at managing risks?
This is the wrong way to think about this.Reinsurance is a risk management technique.An insurance company has to ensure that its assets (premiums) exceed liabilities (claims). One way to reduce the risk that claims will swamp assets is to offload some of the risk to counterparties. Essentially insurance companies legally collude with each other to reduce portfolio risk.Think about it this way. If you run an insurance company would you rather have other insurance companies be solvent and readily able to pay claims, or would you like your insurance company to be the only solvent one? If you think you want to be the only solvent one you’re mistaken: you want the insurance industry to be relatively stable so that you (and your competitors) can accurately price risk.Let’s make this a little more concrete. You go out and buy a new car. Concurrent with that you buy car insurance and start paying premiums to your insurer. From your perspective those premiums are debts but from the insurance company’s perspective they’re assets. Now let’s say next week you go out driving and a drunk driver wrecks your car. You file a claim against your insurance company. That claim is a liability to the insurance company and an asset to you. But the value of your claim is likely greater than the sum of premiums you have paid to the insurance company.Scale that claim up to hundreds of thousands or millions of drivers and you can see why judicious risk management entails buying reinsurance from other providers.If this something you want to learn about in more detail one place to start is by reading actuaries’ papers: https://www.actuaries.org/ASTIN/...