Posted on: 07-10-06 09:42:40
Hi CD's,
Need your help guys...
The incident...................
Y'day at 11.00 pm , I was driving in the yonge street way back to my home, when my front car applied a sudden brake due to some obstruction ahead. I did the same,my car stopped but slided and just touched the front car's back bumper.There was a slight scratch in his bumper and mine too.
This oriental guy came out and claimed himself a insurance guy. Anyway ,I tried to end the matter there but the guy calmly ignored everything and gave me two options. Either pay the whole amount of the new bumper which will be more than $500
or report to your insurance whereby your insurance will go up automatically.
As the traffic was getting bad behind us, he took my detail information and said will call me next week with his damage quote and will go from there.
For the info, my current full coverage insurance is valid till 12th oct'06 and had already taken the insurance for next period from some other company which starts from 12th oct'06
Effects...................
1. What are the possibilities I should have done or I can do now?
2. What's my best option in this circumstaces?
3. How does it it effect my current or next insurance in this present scenario?
Suggestions and your experienced comments will be greatly appreciated.......
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PKS
Your insurance would most certainly go up by atleast $600 a year if the incident is reported. So I believe it is better to settle it among you both
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India Canada Bhai-Bhai
Your accident is unlikely to result in an immediate increase because:
1. The next assessment will be before the next policy renewal
2. There needs to be a police report of the incident before claims are accepted.
Be careful, this guy may just be fooling you.
Thunder desi,
How many years insurence will go up ?
babuji
As far as I know Insurance companies look for a minumum of fours years of your driving history for any tickets, accidents, insurance claims etc to determine your premium.
So going by that any accident where you are at fault (or any ticket) will result in an increase in your premium for a minimum of next four four years, although you would see a progressive reduction in your insurance as your ticket/accident/claim becomes old every year.
----------------------------------------------------------------- India Canada Bhai-Bhai
thanks for your reply thunder desi.
babuji
Quote:
Originally posted by pksatpathy
Effects...................
1. What are the possibilities I should have done or I can do now?
2. What's my best option in this circumstaces?
3. How does it it effect my current or next insurance in this present scenario?
Suggestions and your experienced comments will be greatly appreciated.......
I had a similar case a few months ago. The first thing I did was to contact police on phone, and they told me that as per law, if the damage is not expected to cost more than $1000 to repair, there is not need to report.
I then went to the guy's place whose 'old and almost dying van' was hit by my son. He asked for money instead of getting the thing repaired in a garage. Threatened to go to Insurance and claim that his wife got a shock in the back due to the hit and could result into big claim.
I then simply informed my insurance agent, who took note of it, but said that they will not put it on record till there is an actual claim (according to them there are many crooks in Toronto who does this sudden braking on purpose to extort money). Also IF YOU SETTLE THE CASE IN CASH, and he goes on again to report, insurance company will NOT PROTECT you since you have already taken the first step to handle the case on your own, and there is no liability on the part of the company to entertain the claim.
I was not expecting any claim. However, that guy was bold enough to go ahead and make a claim. HIS (not mine) insurance company settled the claim (I do not know how it was settled, but my insurance company had informed them that the claim does not seem to be genuine).
And my next renewal ??????????//
It had additional discount for good driving record - so I am paying lower than what I was paying last year!
In general, such claims are treated minor and does not affect insurance - unless repeated often. That is my opinion though.
Chandresh
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Chandresh
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