Not necessarily. We consider several factors when rating your policy, including things like your driving record, claim history, claim payments, and more. If your rate is going to be affected by this claim, we’ll be sure to send you a notification of your new policy and policy premium approximately 30 days before you have to renew.
When you take out an auto insurance policy with a company like MetLife, both you and the insurance company are taking on a shared risk. Your deductible represents your part of the risk. When you file a claim, your “deductible” is simply the amount of financial responsibility you take on in settling the claim. Literally, the amount is deducted from the overall estimate or payment made to you under your plan.
For example, if the damage to a car is $7500 and the policyholder’s “collision” deductible is $500, MetLife pays the policyholder $7000. The policyholder is then responsible for paying the contractor or repair facility the $7000 plus their $500 deductible upon completion of repairs.