With over 400,000 crashes last year in Florida, the likelihood of getting into a car accident in a given year is about 1/20. When that inevitably does happen a number of questions rush to the surface, one of the most common being, “Will my car insurance rates increase?” and another being “By how much?”
Unfortunately, there are no clear answers to these questions as they depend on several factors. What we can tell you is that regardless of fault, your car insurance premiums can increase.
If you are the one injured in the accident you can call a car accident lawyer to answer your questions and help you get the compensation you need to cover those possible increases in insurance costs. We can also help you determine if the coverages on your car insurance policy are just right, too much, or too little. Car insurance is not one size fits all.
What Factors Can Influence a Car Insurance Rate Increase?
If you have a number of tickets, other accidents, license suspensions, or traffic violations on your driving record you are much more likely to pay higher premiums. While your insurance company can’t pull a full report, they can see your most recent accidents and tickets, generally from the past three to five years.
Where You Live
Where you live in the country and state can influence your car insurance costs. For example, Florida actually has some of the highest car insurance costs in the country. If you live in a city versus the suburbs, you also probably pay a higher insurance cost.
Severity of Accident
Your car insurance rates may increase after a car accident that is severe. For example, In Florida if after one at-fault accident insurance premiums could increase on average by 35%.
Who was At-Fault
While being at-fault for a car accident will likely have a greater chance of increasing your car insurance rates, your rates still might increase if you were not at-fault. One accident may not raise your rates, especially if your car insurance has accident forgiveness, but after multiple incidents, your insurer can raise rates, or drop you as an insured completely.
How to Lower Car Insurance Rates
While you can’t change your driving history, or the facts of the accidents there are some other ways you can try to reduce your car insurance rates increase after a car accident.
Look into bundling your insurance policies. If you pay life insurance, home insurance or renter’s insurance in addition to your car insurance, it might be cheaper for you to pay all of these policies under one company in a bundled policy.
Pay Policy In Full
While the majority of the time the discount is smaller, you may save some money by paying your entire car insurance policy upfront, rather than monthly.
Find a Better Rate
You are allowed to switch your car insurance at any time. It is important to check with multiple insurance companies to make sure you are getting the best rate for your coverage amounts. Ask family and friends who they have and compare quotes.
Beware: Do not get rid of insurance specifically BI and UM
Take a look at your car insurance policy and make sure you have bodily injury protection and uninsured motorist protection. These coverages will make sure that if someone injures you in a car accident and they do not have insurance coverage, you will have the coverage needed to pay your medical bills and pain and suffering. However, there may be other parts of your policy that can be lowered or eliminated. Check your deductibles, are you paying for roadside assistance when you already have AAA?
If you have questions about your car insurance policy, or have been injured in a car accident, call our car accident lawyers today to talk about your case and what the next steps should be. We can help you recover damages to cover increased car insurance costs.