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How Much Will Your Insurance Go Up After a Fender Bender?

How much will my insurance go up after a fender bender? A fender bender is a minor accident, for the most part, because it often results in minimal injuries and little or no property damage. Because of this, most drivers involved in these accidents worry about the effect it might have on their insurance premiums. They may even decide not to report the accident.

Have you been injured in a fender bender? Our Los Angeles Car Accident Attorneys with El Dabe Ritter Trial Lawyers can help you pursue damages for your injuries and property damage, however minor.

Factors That Impact Insurance Rate Increase

It is important to note that not all insurance providers will impose a rate increase on your policy after a car accident, especially a fender bender. For those who do, the degree of increase will vary from case to case depending on the following factors:

  • Driving History

Most insurers will consider the last 3 years of your accident record to determine the spike in your insurance premiums. If the fender bender is your first accident and is minor, you may face a minimal increase. A policyholder with a substantial history of accidents, on the other hand, the spike may be higher.

  • Extent of Damage

Insurance companies will charge your premiums depending on how much of a risk you are to insure. If your fender bender results in extensive damage, you will likely face a higher hike in your insurance rates. Simply put, the severity of the accident will determine the increase in your rates.

  • Vehicle Type

Drivers of exotic and expensive cars will usually face a significant rise in their rates after an accident, even a minor fender bender. In some cases, the premiums may rise by up to 50 percent and higher than the national average.

  • Accident Forgiveness

Some insurance companies offer accident forgiveness to their clients. This means that they don’t raise the monthly rate on a policy if the claim is below a certain amount.

Insurance Rate Increase by State

Although insurance premium rates may surge regardless of where you reside, the changes will usually vary from state to state. An InsuranceQuotes Study found that California and New Hampshire reported the largest increases for an auto claim of $2,000 or more, at 63.1 and 60.3 percent, respectively. The lowest increases were recorded in Maryland and Michigan at 21.5 and 26.1 percent.

According to the experts who reviewed the study, California’s high spikes could be blamed on the proposition passed in 1988 that limits the factors an insurance company may use to set auto insurance rates. Premiums can only be based on driving record, years of experience, and average miles driven.

Consult a Car Accident Attorney

The best answer to “how much will my insurance go up after a fender bender” is it depends. Insurance surcharge rates tend to vary depending on several factors. Whatever the answer, your main concern should be whether you should report your accident and how it may affect your claim.

El Dabe Ritter Trial Lawyers is a leading personal injury law firm. Our Los Angeles Car Accident Attorneys are dedicated to helping you get the best outcome from your case. If you have been injured in a fender bender, contact us today online or at 888-542-6021 to schedule a consultation.