Car Insurance Rates After Hit-And-Run Accidents

Hit and run accidents are serious events that should not be taken lightly. Besides the obvious health and safety concerns involved with a hit-and-run, such accidents also will have a significantly negative impact on current car insurance rates. A hit-and-run accident is defined as one where one or more parties involved do not stop to check on the others and exchange information. Find out more about car insurance rates after hit-and-run accidents and visit our webpage for auto insurance cheap quotes.

A hit-and-run accident can be as minor as hitting a parked car while pulling out your driveway, or as major as a collision between two drivers at an intersection. If you don’t stop and fulfill your responsibilities as a driver, you are guilty of a hit-and-run. Regardless of how minor an accident may seem, always take the time to stop and deal with it.

Since car insurance rates are all based on the risk a driver poses to the insurance company, a hit-and-run raises a big red flag. The insurance company assumes drivers involved in a hit-and-run are more likely to be irresponsible behind the wheel in other ways, and justifiably so. As a result, any hit-and-run accident will significantly raise your auto insurance rates for at least three to four years. Many car insurance companies keep such accidents on your record for up to seven years. Even more serious than the accident itself is the failure to report such accidents to your insurance company.

That’s because, in most states, anything filed in an official accident report is part of the public record. If your insurance company discovers a hit-and-run that you did not report, not only will your rates go up, but the company may also choose to drop you entirely. In such cases, you will certainly pay much higher rates with your new insurance provider.

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by Ciprian Gurgu