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I will offer a tip at 25% if we can continue a question or two more, thank you for your answer though. When you damage an item, the "market" determines that cost to repair that item, at least I thought it did. That is what I thought the "get 3 estimates" idea came from. Whatever happened to that "3 estimates" concept anyway, I used to hear about it, but not alot the last few years. Is was that concept that the victim was returned to whole or whatever the expression is.
The problem - The insurance company really doesnt have an incentive to lower the cost of the damage. They usually will pay it, and make me make payments on what they paid over 3 or more years. It would be the same thing if they loaned me say $1000, and charged me a huge interest rate to pay that "loan" back. The insurance compan makes a fortune, the victim is far overpaid and I woud end up paying far more than the market calls for for such a repair. That is why that scenario to me could not be true.
As an example - say I have a rusty bolt, just because. Somebody breaks it. I ask that they repay me the value of the bolt. In order to get that bolt, they will need to restart the factory, remake the bolt, age it in a time machine under just so conditions so it is just exactly the same. The bill comes out to be several million dollars. How does our current system if it is the way you describe prevent this abuse from happening with auto claims?
Thank you. is there a maximum time period in which a persons rates can be increased by law per claim? Does the law also put a cap on how much the premium may be increased per claim? Knowing some of that information I may be able to calculate how badly the insurance co and victom will be having thier way with me in this
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