Does My Insurance Go Up For A Hit And Run

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Post on Nov 07, 2024

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Does My Insurance Go Up After a Hit and Run? A Comprehensive Guide

Being involved in a car accident is stressful enough, but a hit and run adds another layer of complexity and concern. One of the biggest questions that arises is: Will my insurance premiums increase if I was involved in a hit and run, even if I wasn't at fault?

The short answer is: it depends.

While your insurance company won't automatically raise your rates for being a victim of a hit and run, several factors can influence whether your premiums increase. Here's a breakdown of what you need to know:

Factors That Can Affect Your Insurance Premiums After a Hit and Run

• Your insurance company's policies: Each insurer has its own underwriting guidelines. Some may consider a hit and run incident, regardless of fault, as a sign of increased risk and adjust your premiums accordingly.
• Your claim history: If you have a history of claims, even unrelated to the hit and run, it can increase your premiums. The more claims you file, the riskier you appear to your insurer.
• The severity of the accident: A hit and run that results in significant damage or injuries is more likely to lead to a premium increase than a minor incident.
• Your driving record: If you have a history of traffic violations or accidents, your insurance company may be more likely to raise your rates after a hit and run.

What To Do After a Hit and Run

Even though you're not at fault, it's important to take steps to protect yourself and your insurance rates:

• Report the incident to the police immediately: This is crucial for documenting the event and potentially leading to the identification of the at-fault driver.
• Gather evidence: Take photos of the damage to your vehicle, the scene of the accident, and any witnesses.
• File a claim with your insurance company: Be transparent with your insurer about the details of the incident and the steps you took to report it.
• Consider speaking to an attorney: An attorney can advise you on your legal options and navigate the complexities of a hit and run case.

How to Minimize the Impact on Your Premiums

Here are some tips to help mitigate potential premium increases:

• Maintain a clean driving record: Avoid traffic violations and other risky driving behaviors to show your insurer you are a responsible driver.
• Shop around for insurance: Compare rates from different companies to find the best coverage for your needs at the most affordable price.
• Consider increasing your deductible: A higher deductible can mean lower premiums, although it will increase your out-of-pocket expenses if you need to file a claim.

The Bottom Line

While a hit and run can significantly impact your insurance premiums, it's important to remember that you are not alone. Contact your insurer promptly, gather evidence, and consider seeking legal advice. By taking these steps, you can minimize the impact on your premiums and navigate this challenging situation with greater confidence.