Have you recently been in a car accident? If so, on top of dealing with injuries, damage to the car, etc, you are probably wondering the number one question. How much will my car insurance increase after a car accident? Obviously car insurance rates can (and likely will) increase after a car accident. These increases are because the insurance company now considers you a higher risk to insure. Although the exact amount that you rates will increase depend on a variety of factors. Undoubtedly you should expect to see some sort of increase. Keep reading to learn what factors go into the insurance companies decision to raise your care insurance rates.
The Severity of the Accident
When considering the amount to increase your car insurance premiums after a car accident, the severity of the accident will play a huge role. If you were in a minor accident such as a fender bender, your rate may only increase by a small amount. However, maybe your car accident was more serious. A car accident that resulted in serious damage will cause a more significant increase to your car insurance premiums.
Whether or Not You Were At Fault
Another factor that can affect car insurance rates is whether not you were at fault. If you were found to be at fault for the accident, your rates will likely increase more more . If you are not at fault, you will likely see a lower increase. This is because being at fault for a car accident is seen as a much higher risk by your insurance company.
The Amount of Damage Caused
The amount of damage to your car likely goes hand in hand with the severity of your accident. Although, some fender benders can also cause some pretty serious damage. If your insurance company has to pay out thousands of dollars in damages just to the car, not including injuries, it is more likely you see a larger increase. Sometimes, if you have minor damage to your car, it may not even be worth the insurance claim. You will want to take into consideration your deductible and the rate your car insurance premiums may be.
History of Car Accidents
It is worth mentioning that if you have a history of car accidents, you will likely see a larger increase. You have probably seen the commercials, insurance companies like to “reward” good drivers. If you prove to have a good driving record you may be “rewarded” with no rate increases. On the flip side, if you have multiple car accidents on your record, your rates will likely be higher than if you have a clean driving record.
Contact Your Car Insurance Company
Overall, the amount by which your car insurance rates will increase after an accident will depend on a variety of factors. To get a more accurate estimate of how much your rates will go up, you should contact your insurance company and speak to an agent. It is recommended that you wait until after your settlements or claims are finalized for this step. You don’t want to risk slipping and saying something that can hinder your claim.
Insurance Company May File a Surcharge
Depending on what state you live in, your insurance company may file a surcharge. This surcharge will be added to your policy if you were at fault for the accident. This means that your car insurance rates will increase for a certain period of time. The insurance company typically add surcharges for 3 to 5 years, regardless of your driving record.
Shop Around for Car Insurance Quotes
If you are concerned about how an accident will affect your rates, it may be a good idea to shop around for car insurance quotes from different companies. This will allow you to compare car insurance rates. You could possibly find a car insurance policy that is more affordable for you, even if you have a record with a car accident.
Contact a Thousand Oaks Car Accident Lawyer
Although a car accident lawyer can’t help you get your insurance rates down. But, we can help you with a claim after a car accident. Whether you were at fault or not, it is important to contact a Thousand Oaks car accident lawyer. Vititoe Law Group can walk you through the legal process and make sure that you get the compensation you deserve for your damages.
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