Insurance premiums are set by your insurance company using set
criteria. Basically, it all comes down to statistics. They look at
specifics of mortality rates for certain groups of individuals of
different age groups, men and women.
What Affects My Premiums?
Most times when you get into an
accident or get a ticket your premium goes up. When you get into an
accident you will most likely file a claim with your insurance company.
This is what you are paying for when you purchased your insurance
policy. You purchased protection so that if you get into an accident
you are covered and your damages will be paid for and fixed.
Filing A Claim For An Accident Where You Are Not At Fault
though you did not cause the accident and you were not at fault you
should file a claim through your insurance carrier. This is important
for a few reasons. First, if the other driver does not have insurance
your comprehensive/collision coverage should cover your damages minus
your deductible. If the other driver does have auto insurance it is
still important that you file a claim with your carrier as they will
assist you and assure that the other insurance company covers the
claim. If there has been any injuries your medical coverage (as long as
you have it) will cover your injuries.
Filing A Claim For An Accident Where You Are At Fault
very important to file a claim immediately following an accident. Your
insurance will be responsible for your damages and medical along with
the other party if you are at fault.
Will My Insurance Premiums Go Up After An Accident?
Insurance Company will look at a few criteria to determine if they will
raise your rates after a claim has been filed. If the accident was your
fault most likely they will raise your rates. They also look to see
overall, how many claims you have filed. If they feel you have filed
too many they may raise your rates regardless if you are at fault or
not. They may even choose to not renew your policy.