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Transparency for surcharges

AUTOCOVERAGE IN | Tuesday 17 December 2013 ( 0 Comment)
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 Auto insurance rates can rise sharply in the event the driver is held to be at fault. But what happens when the insurance company makes a mistake? Do the auto insurance rates fall?

 

Most drivers have accepted the idea that their auto insurance rates will rise if they are at fault when a claim is made. In such cases, the insurer has to meet the third party liability claims plus collision and/or comprehensive claims by their policyholder. But what happens if the insurer makes a mistake when deciding which driver is at fault? In theory, once evidence of the mistake is presented to the insurer, it should immediately return the rates to their original lower level and recover any third party payments made. But it’s not easy.

 

When two or more insurance companies settle a claim, they sign waivers which prevent the question of fault from being opened again. So even if one insurer is later shown to have made a mistake, it will be too late to recover any payments made.

 

In Massachusetts, bills have been presented to prevent local insurers from increasing rates or imposing surcharges if the question of fault is disputed. The Attorney General has just fined insurers for failing to made timely refunds. Lawmakers are determined to prevent this from happening again. Indeed, the proposed laws would force disclosure of each auto insurance company’s surcharge rules so every driver could understand how rates are adjusted. Hopefully, all other states will follow this example. The more transparency introduced into the auto insurance market, the better for all drivers.

 

 

Autoinsurancecoverage.net is committed to making sure you have the information you need to find the best policy at the lowest rates. Our researchers have identified insurers that offer low prices for the coverage you need. You can save money when you get auto insurance quotes from our partners to compare. You may find that one offers a discount others do not that can save you an additional 10%-20% on premiums.

 

Do not worry if you are not sure how to compare auto insurance quotes. We provide educational resources to help you learn about quotes and how insurers determine rates. You can use these resources whenever you need auto insurance quotes. We want you to be educated and know how to save on required as well as discretionary coverage.

 

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