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Featured / 1.01.2021

How Much Will Your Car Insurance Increase After an Accident?

If you have been in an accident, your car insurance premium will increase. After an accident, the risk of future accidents increases. Therefore, the cost to insure you becomes much higher.

However, if it was not your fault and there were no injuries or damages, then this should not affect your premiums as badly. However, it is still likely that they will go up slightly. Also, even if it wasn’t your fault, but someone was injured in the accident, there may be a slight increase.

It depends on why the accident occurred and how severe it was, as these factors affect how much your premium goes up. If you are involved in a car accident, it is wise to seek legal help from Idaho Car Accident Lawyers.

Why Does Insurance go up After an Accident?

After an accident, insurance rates increase because you will need to make another claim. After all, there is a higher risk. If your car has been in several accidents, the company may even raise their premiums by 50% or more, which would mean paying $600/year instead of just $300 for full coverage auto insurance.

Another reason why you could see a rate increase after an accident is because you may no longer meet the insurance company’s minimum requirements for their lowest premiums. For example, if the cheapest policy only covers liability and property damage, leaving you personally liable to pay medical bills.

Your car has been involved in several accidents that caused bodily injuries. They will not want to insure you anymore. In this case, they will either refuse to renew your policy or raise their rates until it is more affordable for you.

Many people think that if an accident wasn’t their fault, meaning the other driver was at fault and they have a clean driving record, they shouldn’t see any increase in insurance costs after an accident. Unfortunately, this isn’t usually the case because most insurance companies will raise their rates even if you were not to blame for an accident and your driving record is clean.

Ways to Lower Your Car Insurance Rate After an Accident

There are a few ways to lower your insurance costs after an accident, but it will take time and patience on your part. 

  • The first way is by shopping around. Some auto insurance companies may not raise their rates at all if you’ve had one claim within the past three years, so this could be worth looking into as opposed to staying with the same insurance company for several years.
  • Another way to lower your car insurance premiums after an accident is by choosing a higher deductible from the beginning. Your best bet would be to choose one that equals or exceeds the amount of medical bills you might have incurred during this incident which could save up to 50% on your rates, if not more. 
  • Finally, another way to decrease your rates after an accident is by undergoing driving lessons or defensive driving courses. In some cases, this may even help prevent future accidents, so it is worth looking into.

Car insurance rates increase after an accident. Some ways to reduce your rate include shopping around for a different company, choosing a higher deductible, and taking driving lessons or defensive driving courses as soon as possible after the incident has occurred.

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