When we get in an accident, we all have questions about accident and insurance. Will the insurance company raise the prices? If anything happened do I have income protection? What if there was a wrongful death? Well, to answer your questions we need to know what type of insurance plan you have and the kind of accident reporting that went on. There are certain reporting requirements that police take that can greatly affect your cost of insurance. Getting in a car accident isn’t fun, but be happy in the fact that everyone is safe, and if they aren’t at least you have the life insurance (hopefully) to back them up. To get the cheapest insurance possible, we recommend you get insurance quotes to compare different companies. Once you see the insurance report, you will know how much it is going to cost you. In this article, we are going to be going on average prices of insurance after an accident.
Take a second and imagine the following with me: you are driving in the car and texting (big no no), when you look up a car in front of you has stopped and you rear end them. Or imagine you roll a stop sign and accidently hit someone.
When this happens, you need to file a claim according to your policy and get your car fixed, but is your insurance rate going to be just as cheap or will you have to pay more money? Read this article to find out.
Typically, the rule of thumb is if it was your fault, your bank, credit card Company, and insurance company will make you pay more and chances of getting loans go down. Now there are some private companies that won’t force your race to go up, but most will. If there was a death involved, then yes, your insurance will always go up and it will possibly affect your income.
On the other hand, if you travel on the road, get in an accident and it wasn’t your fault, the law will usually protect you and you won’t have to pay more. The only time you will have to pay more is if you have some sort of sickness that prevented you from driving, or these “accidents and claims” continue to happen. It is also important to know that when you file the report and claim, you shouldn’t file anything personal on there. If your car had a small injury that was already there, don’t file it! This is for your own protection!
Another question we get asked often is how long the accident will actually stay on the persons record.
Like we have already said, when you get in an accident and it is your fault, chances are good you insurance is going to go up, there really isn’t a whole lot you can do about it. But how long will it be up for? Well, we can give you a guess, but you need to contact your firm first, and it wouldn’t hurt to get a lawyer. Also, if you are a student you should mention that because some companies have forgiveness for vehicle accidents for students.
Depending on what state you live in, you should not be charged for the accident for longer than three years. This is a law that all companies have to hold true to. Also, at this time we should mention that again, there are some exceptions, very few of them but unless you started a major fire that ruined everything, you shouldn’t have to pay more than three years..
Now for the question that I am sure just about all of you have been wondering. Just how much will these rates go up? Well, again it depends on the type of accident it was, but it has the potential to go all the way up to 40% extra of what you are currently paying and as little as just 5%. Hopefully yours will be on the lower end!
Most people think the increase in price is to pay for the damages that you caused, but this actually isn’t true. The increase in price is because you are now considered a more dangerous driver and insurance companies raise the prices for dangerous drivers because of their risk. This might not sound fair to some of you, but when you signed the policy that is what you signed for.
Accident and insurance can be complicated, but just make sure you cooperate and you should get your prices reduced as quickly as possibly.
