Car accident, Will my rates go up?
Most of the time they will, however how much they will go up should be the better question. Insurance companies are in the business of risk. They know that if you are more inattentive than other drivers, they will use that to raise your premium.
They often look at the nature of your claim. If you have a DUI, then it will probably be a high increase. If you hit 18 unoccupied vehicles and then fled the scene, then you will probably see a high insurance bill. However, there are claims that are normal or silly in nature. You back out into your wife’s car. Opps!
Insurance companies know that this type of claim happen all the time. They have deductibles to protect them from people turning just about everything they can. So if your loss is above the deductible, then you could turn in a claim.
The caveat is, how much will my rates go up? Should I just pay the claim myself? Well, rates do go up but most of the time the increase is not as much to pay your claim out of pocket. You need to consider how many claims you have filed in the last 6 months. If this will be your 3rd claim, then paying out of pocket will be a good idea. If this is your first claim, then use your policy for what you bought it.
