Homeowners Insurance

How do you establish the cost of replacement for homeowners insurance policies?

Similar to how individual companies have different underwriting methods to determine rates, every insurer figures their replacement cost for a home differently. Some use tax records, mortgage info, average property values, and other data.
Jun 16, 2020 Albuquerque, NM

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General Insurance

Can insurers share claim payout information?

The C.L.U.E. report is used by many insurance companies to report claims.
Apr 11, 2019 Rio Rancho, NM

Coverage & Claims

Can insured party use their own coverage after not-at-fault accident?

I don't really have any resources for you. The uninsured driver who is at fault in the accident will be responsible for the damages.
Aug 21, 2018 Albuquerque, NM

Homeowners Insurance

What companies offer vacation/ short term rental policies

If you're referring to renting out your home on services such as Airbnb, I would recommend looking at what are called Homeshare policies. A few companies that provide them (in addition to the companies you mentioned) are Slice, Progressive, and Allstate.
Jun 2, 2018 Santa Fe, NM

Car Insurance Costs Coverage & Claims

If I started a claim with my insurance company but later decided to settle out of pocket with the other driver, will my rate still be impacted?

Unfortunately once the insurance company has been notified of a crash the information will be documented on the CLUE report of the driver involved in the accident. Since there is no way to say with any certainty how the incident will impact your rate, as that decision is ultimately up to Geico, proceeding with the claim or dropping it will not change the end result concerning your rate.
Aug 11, 2017 Santa Fe, NM

Car Insurance Costs Coverage & Claims

Will my rate go up for filing a claim even if I have accident forgiveness?

It really will depend on how your previous accident was categorized. If you were considered to be at fault in the previous crash then your accident forgiveness was likely used during that particular claim.
Jul 24, 2017 Albuquerque, NM

Coverage & Claims

If a friend's car was keyed while at my house for a party, will he be able to file a claim?

It really will depend on whether your friend's auto insurance policy includes comprehensive coverage. Beyond that, the damage to the paint will have to be higher than his deductible before his insurance company will pay for anything.
May 6, 2017 Santa Fe, NM

Car Insurance Costs General Insurance

Is there a time of year that is cheapest to buy insurance?

Unfortunately for consumers there isn't a "Black Friday" for car insurance. Insurance companies are regulated by each state and providing discounted rates for buying at certain times is not legal.
Mar 29, 2017 Taos, NM

Coverage & Claims

Should I file a claim if my repair cost is $1,500?

In New Mexico, our State of Insurance report shows that an at fault accident increases rates by an average of $596 additionally per year. Since accidents impact your rate for at least 3 years, you would be paying an extra $1,788 in premium over that time frame.
Jan 2, 2017 Albuquerque, NM

Coverage & Claims

What part of my policy covers my car if I hit a pothole?

The resulting damage from hitting a pothole is actually considered an "At Fault" accident and would be covered under the collision portion of your policy. The reason this is the case is because insurance companies expect drivers to operate their vehicles safely and watch for hazards in the road to avoid frivolous claims.
Mar 1, 2016 Santa Fe, NM
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