Will Hit And Run Raise My Insurance

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Post on Nov 13, 2024

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Will a Hit and Run Accident Raise My Car Insurance?

Being involved in a car accident is stressful enough, but the added worry of potential insurance hikes can feel overwhelming. A hit and run accident, specifically, can leave you with a lot of questions about the impact on your premiums. The short answer is yes, a hit and run accident can likely raise your car insurance.

Let's delve into the reasons why and what factors influence the increase:

Why Hit and Runs Impact Insurance Premiums

• Increased Risk: Insurance companies see hit and runs as a sign of higher risk. Drivers who flee the scene are often considered more likely to be involved in future accidents.
• Financial Burden: Hit and run accidents often involve significant damage to your vehicle or property. The insurance company is responsible for covering these costs, which can lead to increased premiums.
• Lack of Information: Hit and runs make it difficult to investigate the accident and determine fault. This ambiguity increases the risk for the insurance company, potentially leading to higher premiums.

Factors Affecting Premium Increases

Several factors play a role in how much your insurance might increase after a hit and run accident:

• Your Driving History: If you have a clean driving record, the impact might be less severe than if you have previous accidents or violations.
• Severity of the Damage: The more damage your vehicle sustains, the higher the potential increase in your premium.
• Your Insurance Provider: Different insurance companies have varying policies and factors that influence premium calculations.
• State Laws: Your state's laws regarding hit and run accidents and insurance premiums can also affect the outcome.

What You Can Do After a Hit and Run

1. Stay Safe: First and foremost, prioritize your safety and the safety of anyone else involved. If possible, move to a safe location away from the scene of the accident.
2. Call the Police: Report the hit and run to the authorities immediately. Provide them with as much information as possible about the other vehicle and driver, even if it's limited.
3. Document the Accident: Take photos or videos of the damage to your vehicle, the location of the accident, and any skid marks or debris.
4. File a Claim with Your Insurance Company: Inform your insurance provider about the hit and run accident as soon as possible and follow their instructions for filing a claim.

Minimizing the Impact on Your Premiums

• Be a Safe Driver: The best way to avoid insurance hikes is to practice safe driving habits.
• Shop Around for Insurance: Compare quotes from different insurance providers after an accident. You might find a better rate with a different company.
• Consider Increasing Your Deductible: Raising your deductible can sometimes lower your premium, but it means you will pay more out of pocket if you have another accident.

Remember: Every insurance company has unique policies and procedures, so it's crucial to contact your provider directly for specific information about your situation. Being proactive and following the right steps can help you navigate the insurance complexities after a hit and run.