An at-fault accident can affect your insurance premium, often resulting in an increase. However, several factors influence the extent of this increase:
Insurance Policy and Company Practices: Insurers have different methodologies for calculating rate increases after an accident. Some companies offer accident forgiveness policies, which might prevent an increase for the first at-fault accident.
Driver’s Previous Record: If you have a clean driving record with no prior claims or accidents, the impact might be less severe compared to someone with previous incidents.
Severity of the Accident: The nature and cost of the accident can also determine how much your premium will rise. A minor fender-bender might result in a smaller increase than a major or costly accident.
State Regulations: Different states have varying laws that can influence how insurance companies adjust premiums post-accident.
Coverage Type: Full coverage policies may see different adjustments compared to liability-only policies.
Generally, a single at-fault accident could lead to a premium increase of 20% to 40%. Yet, this is a rough estimate and actual increases can vary. It’s advisable to contact your insurance provider directly to get a personalized estimate based on your specific circumstances and policy details.
