How much will my insurance rate increase after a crash?

On Behalf of | Aug 5, 2022 | Car Accidents

A collision can be a costly experience. Not only do people have to repair their vehicle, they may also need to address medical bills and other expenses. However, one cost you may not have considered is the increased cost of insurance coverage after a car accident. How much will this increase cost you? The answer depends on a number of different factors.

Rate increases can vary depending on your circumstances.

Car insurance rates significantly increase if the driver was at fault for the accident because providers may view the person at fault as a financial liability. An insurance adjuster will determine fault for the accident as part of their investigation.

Insurance rates increase nationwide by an average of 49 percent for several years after an at-fault accident, with exact increases depending on the insurance provider and the state where the person lives. In the state of Pennsylvania, rates increase by an average of $283 or 56 percent after an at-fault accident. However, under certain providers, that increase may be much higher.

If you were not at fault for the accident you experienced, the rise in your insurance costs will likely be much less. When a driver is not at fault, their insurance rates increase by an average of 4 percent nationwide.

Because of the high costs associated with being at fault for an accident, drivers should take care not to admit fault in the aftermath of a crash. They should also take time to consider all of their options for compensation.

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