One of the most common questions among people involved in minor car accidents is, how much will my insurance go up after a fender bender. After a car accident, many insurance companies will usually impose a surcharge that results in higher premiums. Since a fender bender is a minor accident, most people expect a smaller hike if any at all.
Like car accidents, no two insurance companies are the same. Whether or not your insurance rates increase after a fender bender and by how much may depend on several factors discussed below. Please consult an Atlanta Car Accident Attorney if you have been injured in a car accident.
Cost of the Claim
Most insurance companies will consider the type of accident and extent of damage when determining whether to impose a premium surcharge. A minor fender bender that results in zero injuries, for example, is less likely to carry a surcharge than a rear-end collision where someone is hospitalized. Simply put, the higher the cost of the claim, the higher your premiums are likely to rise.
When you report an accident to the insurance company, they will usually assign an insurance adjuster to your case to investigate the circumstances. If you are found liable for the accident, and your insurer has to pay out your claim, you will likely face a significant surcharge. Similarly, you may face little or no increases if you did not cause the accident or file a claim with your insurer.
The Insurance Information Institute (III) reports that your driving record will significantly affect the rate at which your insurance company increases your premiums. If you are considered a high-risk driver, you may be charged higher premiums. This also applies to previously safe drivers who are considered to have become riskier after a series of new claims.
In the event your premiums are increased after an accident, they may remain so for an average of 3 years. They could also be gradually reduced every year you don’t get into an accident, which could also qualify you for a discount. A discount refers to when an insurer offers to reduce your surcharge by a certain percentage due to your safe driving record. Not every insurer offers it.
Some insurance companies offer accident forgiveness as part of their auto insurance policies. If you have this program included in your cover, your insurer may not raise your insurance rates after an accident, even if you are found at-fault.
Contact an Atlanta Car Accident Attorney Today
How much will my insurance go up after a fender bender? As we have seen, the rate and possibility of a surcharge will usually depend on several factors, some of which you may have no control over. What you can control, however, is whether you seek compensation for your losses.
Ponton Law is dedicated to ensuring you get the best outcome out of your claim. If you have been injured in a fender bender, contact us today at (404) 860-2454 to schedule a free initial consultation with an experienced Atlanta Car Accident Attorney.