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Auto Insurance Study Reveals Sharp Increase in Auto Insurance Premiums If Involved In Accident

When a driver is involved in an automobile accident, the first thought to enter their minds is usually, How much is this going to cost me?

The answer will depend on your insurance company and the laws that are in effect in your state, but some of the cost will almost assuredly be placed into your auto insurance premium, unless the accident you were involved in was very minor. So an increase is a very likely thing.

The likeliness of a rate increase will also depend on a few other factors.

1.How serious the accident was.

2.If you were found at fault for the accident. (Unless you reside within a no fault state)

3.The amount of the total insurance claim that is being filed with your insurance company.

4.If you received a violation ticket from the local authorities.

5.If the accident will show up on your MVR or CLUE report.

Just live everything else in our lives, the prices of car insurance and the amount of an increase will depend on who the insurance company is. However, going by a 2008 study, it showed that the effect of an insurance claim or violation on your premiums will result in a high amount.

Drivers who had received a violation ticket saw a rate increase from $157.00 to $248.00 annually, while those who filed a claim on their insurance due to an accident saw a rate increase of $302.00 to $458.00 yearly.

The amount of the increase will usually show up when it is time to renew your policy. In some instances where the claim had not been filed right away, the insurance companies may not have the information at the time of your renewal.

If you do not file the claim, the insurance company still has ways to find out that you received a ticket or were involved in an accident. If you decide to switch insurance companies at your time of renewal, this information will pop up when they check your driving history, which can result in them denying you insurance with their company. Many insurance companies provide an accident forgiveness program.

If yours does and you meet the qualifications, your premium rate may not increase if you have been involved in an accident that is your fault and not severe.

There can be horrible consequences if you are involved in a severe accident or you are driving while intoxicated. Treat your car,auto insurance, and credit with the utmost care and you will be surprised at how much money you can save monthly on car insurance.

About Author Jay Leo :

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Article Added on Friday, June 11, 2010
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