Car Insurance

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

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Will My Car Insurance Premium Increase, if the Accident Wasn't My Fault?

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The most common query in car insurance is, "will my Premium increase, even when I am not at fault?" The answer to the question is quite ambiguous and in many instances is unclear and unexplained. This could be in part of the customer not having revealed the entire scenario of the Accident or in a few instances; it could be an overlook on part of the car insurance company as well.

Following are a few scenarios where you could possibly face an increase in your car insurance premium:

Premium rates set by the car insurance company

The premium rates for car insurance companies are set based on the perceived Risk that an Insured driver will file a charge. The more likely the Insurer is to file a car insurance claim, the more likely the rates are aid to increase. This depends on the previous accident history, if any. The moment insurance companies understand that the driver is prone to accidents; it is likely that the premiums might increase with a renewal in the policy.

Involved in a single accident

For car insurance companies, it is unlikely that the car insurance rates will go up when the individual is involved in only one accident that he/she is not at fault. With a single accident at hand, car insurance companies are likely to perceive that there was no fault played by the driver and they are unlikely to make a claim, when compared to non-accident prone drivers who have chances to make a Claim in future.

If you are involved in multiple accidents

If you are involved in multiple accidents, although with several years of time span between the two, insurance companies are likely to perceive that you are accident prone and the rates of premium could rise on the front. It could be deduced that the driver is at a higher risk of accidents and therefore should payout higher levels of premium.

Claiming the deductibles

Apart from instances of hikes in premium, drivers, in a few instances, land up paying for the deductibles from their policy. There are many insurance companies that help the driver recover the Deductible in the event of accidents that aren’t the driver’s fault. However, many companies, in case of ambiguity, leave it to the driver to recover the deductible from the person who caused the crash.

Aside the above, there are reasons that are situation specific and cause a rise in your car insurance premium rates. Nevertheless, it is wise to understand that the hike in the car insurance premium rates is situation dependent and not mandatory that every individual will undergo the same. If you are a safe driver, with a clean history of driving, it is likely that your rates of premium might not increase even with multiple renewals. However, a bad history of driving could lead you to hikes, even during mid-term payment of your car insurance premiums, and more.

Analyze, plan, and choose from a car insurance Policy that best fits your needs and requirements and never hesitate to compare, to select the best of all.