How an car accident affects your auto insurance

Did you know that, statistically speaking, the average driver experiences an automobile accident once every 18 years? We hope you never go through an auto collision, but if you do, you need to what will happen to your insurance rates if you become involved in an automobile accident? Will your rates go up? Do you have a policy that claims “accident-forgiveness”? And, if so, what exactly does that mean? Kirby Soar Insurance has the answers you need and we have compiled them in this article breaking down what happens to your insurance rates when you are in an accident.

Will an accident raise my auto insurance rate?

Unfortunately, the answer is yes. Most accidents, whether you’re found at fault or not, are likely to increase how much you pay for your insurance. However, certain situations will raise your rates more than others. If you cause an accident, you can expect to see a higher price hike than if you were not found at fault. The only way that an insurer may not raise your rate after an accident is if the damages are under a specific amount stated in your contract.

How long will my rates be raised?

The policies of each insurance providers and the regulations of your state contribute to the length of time that an accident stays on your driving record. A not-at-fault accident will remain on your driving record for a couple of years, on average — just like other driving violations such as speeding, seat belt, red light, and parking tickets. Comprehensive claims often stick around for a few years. These claims are filed most often due to damage in an event that is beyond your control: acts of vandalism, fires, theft, natural disasters, etc. Typically, a comprehensive claim stays on your record for about three years, although that depends again on your insurance carrier and local regulations. At Kirby Soar Insurance, we understand you might not think this is fair. After all, if the average person is only in an accident once every 18 years, then why raise rates over other things? Insurers do this because their analysts believe that, if you’ve had one accident, then you become more likely to have to file other claims. Remember that the primary goal of your insurance provider, just like any other business, is to turn a profit and rate adjustments are made accordingly.

Affordable Auto Insurance in Florida

You can’t drive without being insured, so make sure you’re getting the best deal on your coverage. Let the professionals at Kirby Soar Insurance help you. As an independent office, our insurance experts work with multiple providers to find you the best rates in Polk and Hillsborough counties. Schedule a consultation with one of our auto insurance experts by calling us at (813) 752-1680. We’re proud to serve the insurance needs of our clients in Plant City, Valrico, Lakeland, Brandon, and throughout Central Florida.