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Old 08-22-2019, 08:37 PM   #71
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How does that work? All I know is I border a no fault state and to insure my wife's vehicle in it cost the same per month as all three of our cars across the border... actually slightly more. We settled in the state with the better benefits, and insurance costs was one large factor in that.
LOL found a good explanation and they even used the quotation marks around no fault just like I did! As you see "no fault" is not really an accurate name for it.

https://mitchellandabbott.com/no-fault-insurance.php
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Old 08-22-2019, 08:44 PM   #72
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Wow, tough crowd

My post was about the amount of third party, as states, I'm covered for $20 million.

I agree the rest was fluff though

$2000 AUD = $1351.40 at this point in time, simples.


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Old 08-22-2019, 09:38 PM   #73
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LOL found a good explanation and they even used the quotation marks around no fault just like I did! As you see "no fault" is not really an accurate name for it.

https://mitchellandabbott.com/no-fault-insurance.php
That sounds exactly like what it is here and what the poster from Florida was describing.
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Old 08-22-2019, 09:53 PM   #74
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Originally Posted by mav1178 View Post
Sorry OP, you need to figure this out yourself.

If you can lose $9000 at a casino you can afford to pay the other person back, especially since you are at fault. The more people try to run from valid insurance claims, the more it impacts the rest of us via rate increases down the road.

If you only have $100 in your bank account, where did the $9000 come from? A loan shark? If it's not your money to lose then you have larger issues that none of us can offer meaningful advice on.
I agree.

This thread makes me feel better about my financial mistakes lol Iíve made a few and learned a lot from them. Iím not stupid enough to put myself in a super bad situation. Just gotta take the hit and keep it moving. Live and learn right?

OP Iíd definitely be looking at selling the car if I were you. Pay off all your debts, put money in your account for ACTUAL necessities like food, gas, bills etc. A $500 civic can get you around town, anything more expensive is just an unnecessary luxury. I know you might not want to lose your car, but I know you also wonít want to deal with this BS. Good luck
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Old 08-23-2019, 04:11 AM   #75
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Wow, tough crowd

My post was about the amount of third party, as states, I'm covered for $20 million.

I agree the rest was fluff though

$2000 AUD = $1351.40 at this point in time, simples.

and I'm just responding with a "insurance varies wildly based on geography" response.

simples.
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Old 08-23-2019, 04:27 AM   #76
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and I'm just responding with a "insurance varies wildly based on geography" response.

simples.
Cost of insurance varying I get

Amount of cover is the issue here

OP said he had a certain amount of cover, had used it and may be out of pocket.

What happens if he hits a Lambo and does 50k dollars damage, the car hits a telegraph pole and the fix is 20k dollars, he hits a pedestrian who become a quadriplegic which costs $5 million dollars and medical bills.

Do you have some other cover for these things that I'm not understanding?
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Old 08-23-2019, 06:09 AM   #77
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That sounds exactly like what it is here and what the poster from Florida was describing.
Not really. He made a big deal about how the not at fault driver would be penalized with rate increases. There has to be a very obvious contribution to the accident for both drivers to be found at partial fault here so it is rare that that both would se any sort of increase. Just the at fault one.
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Old 08-23-2019, 06:43 AM   #78
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Not really. He made a big deal about how the not at fault driver would be penalized with rate increases. There has to be a very obvious contribution to the accident for both drivers to be found at partial fault here so it is rare that that both would se any sort of increase. Just the at fault one.
You still go through your own insurance. That was his point.
It's a rate increase across the board for all users.
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Old 08-23-2019, 09:30 AM   #79
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You still go through your own insurance. That was his point.
It's a rate increase across the board for all users.
Don't know how you figure that. The no fault system came into effect in 1989. Everybody I knew including myself had the rates go down by about 10% when it did. There is obviously something different between the two systems.
His big concern was that in the event of an accident both parties rate went up. That just isn't accurate here except in very special circumstances where the blame is shared.
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Old 08-23-2019, 09:35 AM   #80
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Don't know how you figure that. The no fault system came into effect in 1989. Everybody I knew including myself had the rates go down by about 10% when it did. There is obviously something different between the two systems.
His big concern was that in the event of an accident both parties rate went up. That just isn't accurate here except in very special circumstances where the blame is shared.
You use your own insurance to fix your car in the case of you getting hit by someone else. That person is 100% to blame. Your insurance has now paid out to fix your car and deal with any of your injuries. You're telling me your rates stay the same or decrease when your policy renews?
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Old 08-23-2019, 09:56 AM   #81
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He made a big deal about how the not at fault driver would be penalized with rate increases.
No I didn't.
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Old 08-23-2019, 10:19 AM   #82
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In an at fault state, causing an accident that results in a claim causes your rates to go up in order to apply the insurer's cost where it belongs, with the riskier driver.

But it's not fair to raise your rates when it was someone else's fault, so state law says the insurance company can't hike your rates for a no fault claim.

What happens instead is that since the insurance company can't hike your rates and can't hike the other guy's rates if he's with another insurer, they just raise everybody's rates across the entire state to remain profitable.

Since drivers in general know their own rates won't go up because of an accident but their liability is still covered to some extent, there is less apparent incentive to drive carefully to avoid financial ruin. They have less skin in the game. People drive like maniacs down here. Why not? If they hurt someone, it's no fault baby!
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No I didn't.

OK not a "Big" deal but a deal. This is the point that people seem to be missing with our "no fault" system. The at "fault" driver's rates DO go up when they have an accident. They don't make up their shortfalls by increasing everybody's rates (although rates do of course increase but so do at fault systems) the higher risk drivers pay the increases. The incentive to not have accidents is exactly the same as an at fault system here.
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Old 08-23-2019, 10:42 AM   #83
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They don't make up their shortfalls by increasing everybody's rates...
They do here and in most places with a no fault scheme. As I said, the insurer is prohibited by law from increasing the claimant's rates if he wasn't at fault. If the at fault driver is insured with another company, the claimant's insurer has no way to recoup their claims expense from him either.

What the claimant's insurer can do instead under state law is aggregate all their claims expenses in their annual data call submitted to the state, then use that as support to petition the department of insurance for rate increases across the board. The state rarely denies a rate increase, again because of economics. DFS is afraid that denying rate increases will cause insurers to leave Florida, restrict the kinds of policies they offer or deny coverage altogether for riskier drivers, which in turn has the effect of driving average rates up anyway.

If your rates went down when no fault went into effect, it wasn't because of no fault insurance. It was because there was something else holding your rates artificially high that was corrected at the same time. If they had fixed whatever that problem was while keeping the at fault system, your rates would be even lower today.
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Old 08-23-2019, 10:56 AM   #84
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They do here and in most places with a no fault scheme. As I said, the insurer is prohibited by law from increasing the claimant's rates if he wasn't at fault. If the at fault driver is insured with another company, the claimant's insurer has no way to recoup their claims expense from him either.

What the claimant's insurer can do instead under state law is aggregate all their claims expenses in their annual data call submitted to the state, then use that as support to petition the department of insurance for rate increases across the board. The state rarely denies a rate increase, again because of economics. DFS is afraid that denying rate increases will cause insurers to leave Florida, restrict the kinds of policies they offer or deny coverage altogether for riskier drivers, which in turn has the effect of driving average rates up anyway.

If your rates went down when no fault went into effect, it wasn't because of no fault insurance. It was because there was something else holding your rates artificially high that was corrected at the same time. If they had fixed whatever that problem was while keeping the at fault system, your rates would be even lower today.

LOL I know I know! I have been trying to make the point that our "No fault" systems is different and actually works because it still assigns fault and is no fault in name only. They are two radically different systems and saying what they do in Florida (or other states) is meaningless. The no fault system we use does not push rates up no matter how much you want to believe it.
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