How Much Do Insurance Rates Go up after a Car Accident?

If you are involved in a car accident that was determined to be your fault, it is very likely that your monthly insurance premium will increase. But how can you determine the amount that your rate will be increased by?

This is a difficult question to answer since the rate of increase for insurance premiums varies from company to company. For this reason, it is a good idea to discuss the rate increase schedule with your insurance company before purchasing your policy. This will help you determine which company will provide you with the best value in the event that you cause a car accident.

Keep in mind that subsequent car accidents which are deemed your fault will continue to raise your rates. In some cases, multiple car accidents charged to you may eventually result in having your coverage canceled.

In addition, your base insurance premium rate is influenced by factors such as the type of car you drive and where you live. If an insurance company increases your rates by a certain percentage following a car accident, then it is in your best interests to choose the carrier that offers you the lowest base rate.

Ultimately, the best way to avoid these insurance hikes is to drive safely. However, even the most careful drivers get into a car accident on occasion. Hopefully, you have chosen an insurance carrier that only increases their rates gradually.

If you have been injured in a car accident in the Burlington or Hamilton, Ontario area, please contact Findlay Law Offices today to schedule your free initial consultation.