Any time that you are involved in a car accident there are numerous financial implications for your life moving forward and one of the most aggravating can be if your car insurance rates appear to go up. If you are reading this article, there is a good chance that you are recently involved in a serious car accident in California or that you know someone else who was.
There is a chance that even if you were not injured at the scene of the accident, you may experience a rate hike in your car insurance premiums. This is because car insurance companies regularly increase premiums for drivers who have been involved in an accident. There are chances, however, that your car insurance premium will stay exactly the same. For example, if the accident wasn’t your fault, if your driving record is relatively free of moving violations or insurance claims and this is the first time you’ve been involved in an accident, it’s very likely that you may see no premium increase at all.
If the insurance company feels that you have recently been involved in far too many accidents, however, or if you were at fault for the accident, the insurance company may see themselves as being well within their rights to increase your rate by as much as 25%.
Here are several different tips you can do to minimize the chances that you will experience a premium hike after you’ve been involved in a serious accident.
- Make sure you inform your insurance company about the accident regardless of how minor it appeared to be.
- Ask if the current policy you maintain has any accident forgiveness opportunities.
- Offer to take a driving class if you were in some way responsible for the accident.
- Increase your deductible which could have the benefit of bringing down your premiums although you would need to pay more in the event that you were involved in an accident in the future.
- Shop around for a new policy or discount opportunities.
There are many different things you need to worry about in the wake of a serious car accident even if it was not your fault. It might even feel like life is overwhelming and that the spike in insurance rates is just part of the puzzle you’re figuring out post-accident.
SENIOR PERSONAL INJURY ATTORNEY & FIRM FOUNDER
Michael Pines is a former insurance company attorney who graduated from the University of California Hastings College of the Law in 1987. While he was an insurance attorney, he learned from behind the scenes how insurance companies work and how they decide how much to pay injured people. Now that he works against insurance companies, Michael’s inside knowledge has resulted in significant benefits to his clients injured in car accidents. Learn more about Michael Pines