If you have been involved in a car accident, it can be a stressful situation. To add to the stress, you may encounter several issues related to the procedures that follow such an incident. One of these issues is the possibility of your insurance rates going up. The increase in your insurance rate will depend on the nature of the accident and your insurer. When you’re deemed a high-risk driver, you’re seen as someone more likely to file a claim in the future. Therefore, you will face increased auto insurance rates. Please continue reading to learn how a car accident affects insurance rates and how a talented Bronx Car Accident Lawyer can help you navigate your legal options today.
Why do insurance rates go up after a car accident?
Several different factors impact the amount you pay for auto insurance. However, the primary factor that insurers evaluate to determine your auto insurance rates is your driving record. Essentially, they want to assess your risk of being involved in a collision. If there’s a higher likelihood that you will be involved in an accident, you will face higher auto insurance rates. Essentially, the lower your perceived risk, the better your auto insurance rates.
What if the accident wasn’t your fault?
Unfortunately, your insurance company may raise your insurance rates following an accident, whether you were at fault or not. While this may not seem fair, accidents that aren’t your fault can still insurance your insurance premiums because the accident makes it more expensive for your insurance provider to do business with you. That said, they will raise your premiums. However, this ultimately depends on your carriers, who can decide whether to raise your premiums.
How long will an accident affect my auto insurance rates?
Generally speaking, insurance companies will only look at a couple of years of your driving history when determining your car insurance rate. If you’ve had a relatively clean driving record, your insurer likely won’t look further than five years. However, if you have a problematic driving record full of severe traffic violations and accidents, they could look beyond five years. Nevertheless, most insurers will only consider the last three to five years of your driving record when determining your car insurance rate.
Is it necessary to hire an attorney for your insurance claim?
While retaining the services of an attorney to file an insurance claim is not required, enlisting the help of an experienced Bronx car accident lawyer will maximize your chances of recovering the fair compensation you deserve and need after an accident. When negotiating a settlement, you can benefit from having quality legal counsel to fight for the rightful compensation you’re entitled to for your damages.
At James Newman, P.C., we are prepared to guide you through the first step to getting fully and fairly compensated. Allow our legal team to represent your interests today.
