1 / 16

Will Your Auto Insurance Premiums Go Up after an Auto Accide

BeamaLife compares top 100 US life insurance company to find best, cheap and most affordable term, whole and universal life insurance quotes and rates. http://www.beamalife.com

beamalife
Download Presentation

Will Your Auto Insurance Premiums Go Up after an Auto Accide

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Will Your Auto Insurance Premiums Go Up after an Auto Accident? www.BeamaLife.com | 1-866-972-3262

  2. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • Will Your Auto Insurance Premiums Go Up after an Auto Accident? • Of course, you want to keep your auto insurance premiums as low as possible. But now that you've had an accident, will your rates climb dramatically? Is there anything you can do to avoid or limit an increase in your premiums? The answer depends on the state you live in, your insurance company's pricing practices, and a number of other factors. www.BeamaLife.com | 1-866-972-3262

  3. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • For example, was the accident your fault? Was another driver or someone else's property involved? Was anyone injured? How many accidents have you had in the past? www.BeamaLife.com | 1-866-972-3262

  4. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • If this was your first accident • If it's determined that you were at fault for a collision with another car or another person's property, you can generally expect an increase in your premiums come renewal time, even though it was your first accident. But this is not always the case. Some companies will look past a single accident, especially if no one was injured and there was limited monetary damage. www.BeamaLife.com | 1-866-972-3262

  5. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • Under a forgiveness policy, your company may hold your rates stable if you have an otherwise clean driving record and have been insured with the company for a specified number of years. If this was your first accident, ask your company if it has such a policy. www.BeamaLife.com | 1-866-972-3262

  6. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • If the accident was not your fault • Many states have laws that protect you from rate increases for accidents in which you were not at fault. Unfortunately, even if you were involved in an accident where the other driver was responsible, your premiums may still go up. The reason is that you may be considered more prone to accidents compared with drivers who have had no collisions. www.BeamaLife.com | 1-866-972-3262

  7. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • This is especially true if you have had more than one collision, even if none of them were your fault. • Generally, if the other driver caused the accident, that person's insurance company will pay all costs, and your company will incur limited expenses on your behalf. But if your company incurs substantial expenses, your premiums could possibly increase, even though you were not at fault. www.BeamaLife.com | 1-866-972-3262

  8. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • For example, if your car runs into another car after slipping on a patch of ice during a storm, your level of blame would be reduced due to the ice, but your insurance company would have to pay the cost of the repairs, minus your deductible. The insurance adjuster might conclude that you could have avoided the accident, and you may now be considered a higher risk. www.BeamaLife.com | 1-866-972-3262

  9. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • If the accident was your fault • Every insurance company has its own method for determining when and how much to raise your premium following an accident in which you were at fault. Some will tack on an additional 40 percent to your base policy, increasing your payments by at least that much. www.BeamaLife.com | 1-866-972-3262

  10. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • Others will use a complicated internal points system, grouping you in a pool with other higher-risk drivers. And if you cause additional accidents, you'll be placed in a still higher-risk pool. • Many state insurance departments have also developed their own points formula, standardizing the rate structure for all policyholders within the state. www.BeamaLife.com | 1-866-972-3262

  11. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • But your insurance company will still ultimately decide how many points to add to your policy if you have an accident. And not all companies and states apply the formula in the same way. Points are gradually removed from your policy over a period of two to six years. www.BeamaLife.com | 1-866-972-3262

  12. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • If the accident was minor • Suppose another driver taps you from behind while both of you are leaving a parking lot. After a quick survey, you find there is little damage to either vehicle and no one is injured. Should you and the other driver settle things between the two of you and leave your insurance companies out of it? www.BeamaLife.com | 1-866-972-3262

  13. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • If you do decide to handle the matter privately, you'll want to cover all your bases. Have the other driver sign a written agreement that absolves you from further liability. The agreement should also describe the accident and what both of you agree to do. www.BeamaLife.com | 1-866-972-3262

  14. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • If you fail to get something in writing, a dishonest driver could later claim that the accident was your fault, that you caused bodily injuries, and that you simply drove away from the scene without stopping. This is one reason why insurance companies want you to report all collisions, no matter how minor. www.BeamaLife.com | 1-866-972-3262

  15. Will Your Auto Insurance Premiums Go Up after an Auto Accident? • If no other driver was involved • If you damage your car while driving, but without colliding with another car or someone else's property, you may again be tempted not to make a claim on your collision coverage. Generally, your insurance company wants you to report all accidents, no matter what the circumstances. But in this case, you could pay for repairs out of your own pocket and avoid paying higher premiums. www.BeamaLife.com | 1-866-972-3262

  16. Will Your Auto Insurance Premiums Go Up after an Auto Accident? www.BeamaLife.com | 1-866-972-3262

More Related