“When an accident happens, the information is transmitted back to LexisNexis. The information is then used as a first notice of loss (FNOL). A message alerts the carrier of the insured’s accident.”
Whoa. So if I get rear-ended while stopped at a red light and want to file a third party property damage claim, now my car has ‘automatically’ filed a first notice of loss with my insurance company? That is NOT cool.
A GREAT example of when your OWN insurance does NOT need to be notified of any accident! They have enough of their own reasons to raise your rates! What they SHOULD be doing is LOWERING premiums with new cars that have all this safety equipment and warning systems! You almost have to be an idiot if you get in an accident.
Completely agree with you, Robert. When our customers ask if reporting a not at fault loss could increase their rates, we tell them one incident should not, but if you’re rear-ended 3 days in a row, the carrier may think you have a higher propensity to be involved in future accidents and your rates could go up. It’s situations like these where going through the third party could be better for the customer in the long run (of course we don’t steer them away from placing a claim with us if they want).
I don’t like big brother automatically reporting accidents to my carrier — what if I’m hit while parked and there’s $800 in damage and I have a $1,000 deductible? I wouldn’t report that to my carrier, but my telematic system could do so automatically? That’s not a benefit in my opinion.
Insurance_guy – would rates still go up if the carrier received 100% back via subrogation? I doubt you can, so this is sarcasm – care to tell me which company that is so I can tell my friends and family NOT to get a policy with them? :)
Sorry, but I am calling BS on your statement. Please let us know what company raises rates that way and in which state. I won’t believe it until I can read their filing. I have been pricing Auto insurance for 25+ years and have never seen a product where a NAF causes that much of an increase.
“When an accident happens, the information is transmitted back to LexisNexis. The information is then used as a first notice of loss (FNOL). A message alerts the carrier of the insured’s accident.”
Whoa. So if I get rear-ended while stopped at a red light and want to file a third party property damage claim, now my car has ‘automatically’ filed a first notice of loss with my insurance company? That is NOT cool.
A GREAT example of when your OWN insurance does NOT need to be notified of any accident! They have enough of their own reasons to raise your rates! What they SHOULD be doing is LOWERING premiums with new cars that have all this safety equipment and warning systems! You almost have to be an idiot if you get in an accident.
Completely agree with you, Robert. When our customers ask if reporting a not at fault loss could increase their rates, we tell them one incident should not, but if you’re rear-ended 3 days in a row, the carrier may think you have a higher propensity to be involved in future accidents and your rates could go up. It’s situations like these where going through the third party could be better for the customer in the long run (of course we don’t steer them away from placing a claim with us if they want).
I don’t like big brother automatically reporting accidents to my carrier — what if I’m hit while parked and there’s $800 in damage and I have a $1,000 deductible? I wouldn’t report that to my carrier, but my telematic system could do so automatically? That’s not a benefit in my opinion.
My company raises rates even if ‘not at fault’. If they pay $1 on the claim, the premium for the car goes up 50% to 100%.
Insurance_guy – would rates still go up if the carrier received 100% back via subrogation? I doubt you can, so this is sarcasm – care to tell me which company that is so I can tell my friends and family NOT to get a policy with them? :)
Sorry, but I am calling BS on your statement. Please let us know what company raises rates that way and in which state. I won’t believe it until I can read their filing. I have been pricing Auto insurance for 25+ years and have never seen a product where a NAF causes that much of an increase.