How Much Does Insurance Go Up After an Accident Reddit?
I was recently involved in a minor car accident. It was my fault, and I was cited for careless driving. I’m now wondering how much my insurance rates will go up. I’ve heard that they can increase by a lot after an accident, even if it’s not your fault. I’m worried that I won’t be able to afford my insurance if it goes up too much.
I did some research online, and I found that the average insurance rate increase after an accident is 12%. However, this number can vary depending on a number of factors, including:
- The severity of the accident
- Who was at fault for the accident
- Your driving history
- Your insurance company
If you were at fault for the accident, your insurance rates are likely to go up more than if you were not at fault. This is because insurance companies view at-fault drivers as being more risky to insure.
Your driving history will also play a role in how much your insurance rates go up after an accident. If you have a clean driving record, your rates are likely to go up less than if you have a history of accidents and traffic violations.
The insurance company you have will also affect how much your rates go up after an accident. Some insurance companies are more lenient than others when it comes to rate increases. It’s important to shop around and compare rates from different insurance companies before you make a decision.
Tips for Minimizing Your Insurance Rate Increase
There are a few things you can do to minimize your insurance rate increase after an accident:
- Take a defensive driving course
- Improve your credit score
- Bundle your insurance policies
- Increase your deductible
Taking a defensive driving course can help you learn how to avoid accidents in the future. This can lower your risk of getting into another accident, which can help you keep your insurance rates low.
Improving your credit score can also help you lower your rates. Insurance companies use your credit score to assess your risk as a driver. A higher credit score indicates that you are a responsible person who is less likely to file a claim.
Bundling your insurance policies can also save you money. Many insurance companies offer discounts for customers who bundle their home and auto insurance policies.
Increasing your deductible can also lower your rates. A deductible is the amount of money you have to pay out of pocket before your insurance coverage kicks in. If you increase your deductible, you will lower your monthly premiums. However, you should only increase your deductible if you can afford to pay it in the event of an accident.
FAQ
Q: How long will my insurance rates stay elevated after an accident?
A: Insurance rates typically stay elevated for three to five years after an accident. However, this can vary depending on the insurance company and the severity of the accident.
Q: Can I get my insurance rates lowered after an accident?
A: Yes, there are a few things you can do to get your insurance rates lowered after an accident. These include taking a defensive driving course, improving your credit score, bundling your insurance policies, and increasing your deductible.
Q: What should I do if I can’t afford my insurance rates after an accident?
A: If you can’t afford your insurance rates after an accident, you should contact your insurance company and explain your situation. They may be able to work with you to create a payment plan that you can afford.
Conclusion
If you’re involved in an accident, it’s important to be prepared for your insurance rates to go up. However, there are a few things you can do to minimize the increase. By taking a defensive driving course, improving your credit score, bundling your insurance policies, and increasing your deductible, you can help keep your rates as low as possible.
If you have any questions about how much your insurance rates will go up after an accident, be sure to contact your insurance company. They can provide you with more information and help you understand your options.
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