May 29, 2020 Statistics Show How Accidents Influence Car Insurance Costs
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May 29, 2020 Statistics Show How Accidents Influence Car Insurance Costs

by | May 29, 2020 | Firm News has launched a new blog post that presents how car insurance premiums will change for a policyholder who files a claim after an accident.

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Before making a claim to the insurance provider, drivers should consider a few things before making this move. According to a recent study, drivers who make a single auto insurance claim saw their premiums increase on average by 44.1%. Also, the reported premium increases weren’t for individuals who have a history of unsafe driving. Even after a single claim, premium increases can be significant.

Drivers who want to file a claim after an accident should consider the following:
How much the premiums will rise. The increase drivers can expect to see on their insurance premiums after an at-fault accident varies by location, driving record, vehicle, and the insurance company. Drivers can expect anywhere from a 23% to 73% increase in premiums in year one after an at-fault accident.
Insurance premium increase by state. Some states report costlier increases than others. Drivers living in states such as North Carolina, Massachusetts, Texas, New Hampshire, and California can expect to see their rates increase after an accident from 57.3% to 63.1%. On the other hand, drivers from Kentucky, Montana, Oklahoma, Michigan, and Maryland will see their rates go up anywhere from 21.5% to 30.6%. Increases in the premium paid can last as long three to five years after an at-fault accident if the damages to the vehicle exceed over $2,000.
How to lower the premiums. Be prepared and purchase accident forgiveness. Not all companies offer this, but those that do will give the policyholders a one at-fault accident forgiveness with no increase in premium if they fit certain criteria. Other methods involve raising the deductible and improving the credit score. Furthermore, policyholders should avoid filing claims for small things after they have filed a claim on an at-fault accident.
Which claims affect the premiums the most. Bodily injury claims can cause the premiums to spike the most. A single bodily injury claim will result in an average premium increase of 48.6%.
What if the policyholder isn’t at fault. Whether or not the rates will increase after an accident in which the policyholders were not at fault is insurance provider specific. Some companies will not increase the premium for drivers involved in their first accidents, but if they suffer several accidents, even if they are not at fault, it could result in an increased premium.
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