Car Insurance

covers your car against risks like theft, accident, explosion etc.

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How Much Does Car Insurance Rise, When You Have an Accident?

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The amount of car insurance claims after an Accident largely depends on the type of the accident and how the car insurance company views it. In a few instances, the rates remain unchanged, and how much the rates differ depends on the situation. Your rise in car insurance after an accident not just depends on the nature of the accident but also on the following factors:

Previous history of accidents

People with a history of repeated accidents get to pay more than individuals who do not have a history of accidents. By rule of thumb, safe drivers with no history of accidents pay less premiums. With less amount of Premium paid the benefit in your Claim works out fair, even if you couldn’t make it big.

How car insurance companies view the acciden

Generally, car insurance makes a good deal if the accident is genuinely not your fault. Nevertheless, if you have an accident at-fault, and the claim is huge, there are chances that you might end up paying high for your car insurance premium. With fault at hand, you would require high Risk insurance to salvage the scenario. In the event of an accident, there could be a surcharge that can be added to your existing policy. The amount of surcharge and the number of surcharges depend on the number of accidents and the history.

Exceptions to increasing the car insurance

There are a few exceptions to the generic rule of increasing car insurance after an accident:

1. Few companies overlook a minor accident. If the claim involves a smaller amount, the rates can remain unchanged.
2. If the car insurance claims are comprehensive, apart from collision, the rates are generally not affected. For instance, fixing the wipers and the windshield should not affect the insurance rates.
3. There are instances, where the accidents are severe, yet the rates of insurance do not go up. For instance, you are involved in an accident, and if you are not at fault, there are chances that the insurance company least knows what has happened and the rates can remain unchanged.

Accidents usually go unnoticed over time

A good thing about accidents is that, they are not on the records forever. Say for instance, most companies tend to disregard accidents that have happened five years ago, irrespective of how serious the accident had been. Some on the other hand, overlook accidents that have occurred three years ago. Keeping a track of when these accidents have occurred can drop off the insurance rates.

How much will the rates increase?

Another important point to note is that, car insurance companies cannot change the rates of insurance at mid-term. Any increase that they wish to impose would occur at the next renewal. Therefore, it is apparent that several months may pass by during the time of accident and the increase in insurance rates.

This time-frame will help you search the least expensive insurance provider. However, the new company will take a look at the accident and charge you accordingly right away. However, ensure that you do not hide the accident, when you are out shopping for one, and trying to make a claim. Nevertheless, at the end of the day, it is wise to choose the right sort of car insurance and stay proofed against any mishaps that might cause a financial strain on your economy.