The insurance industry is bracing for a flood of claims from people who may be too busy to visit their GP, while a growing number of people are trying to buy a new car with the hope of repaying their car insurance.
Geico has warned consumers to keep an eye on their claims when they buy a car, warning people that a fault on their car can affect their claim.
“Our Insurance Department is taking a close look at this issue,” Geico Insurance said in a statement.
The company said people should check their claim status online.
It’s a tricky time to buy an insurance policy in the wake of a bush fire.
Insurers have had to review the cost of car insurance in the past and the current flood of calls has added to that pressure.
In May, Insurance Australia said that it had received 3.3 million claims related to bushfires, including those from people seeking compensation for their homes damaged by bushfires.
Since the end of the bushfire season in June, Geico has received almost 3 million claims relating to the bushfires in Queensland.
With a peak of 3.7 million claims in June 2017, it’s likely that a large number of customers are still struggling to find the funds to buy their insurance.
Geico’s warning comes as the Government releases a new set of bushfire insurance rates.
There will be no increase in rates, but there are changes to how they are calculated, with the average rate being lower than the previous one.
A higher average rate means the average price will be less than the cost to insure a car.
More: The Government has also said it would consider introducing a “gold” rate, meaning people would have to pay the same price as people who bought a car in 2017.
As a result, Geicos rates will be lower than what they would be if Geico had been at the bottom of the heap.
However, it will be important to keep in mind that Geico’s new rates will apply to new policies issued by the company from the end at the end, so if you have purchased a new policy from Geico from the start, it may not be as good as a lower rate you may be used to.
New car insurance is on the way: Geico says you can keep up to date on the latest rates with the Geico Insurers newsletter.
To find out more about car insurance from Geicins Insurance, go to the Geicics Insurance website.
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