Will a Hit-and-Run Raise Your Insurance Rates?
Short Answer: Yes, a hit-and-run accident can likely lead to an increase in your insurance premiums.
When you’re involved in a hit-and-run accident, your insurance company may view you as a higher risk driver. This is because they can’t assess the other driver’s fault or negotiate a settlement, making the situation less predictable.
Factors Influencing Premium Increases
Several factors can influence how much your insurance rates will rise after a hit-and-run:
- Your Insurance History: If you have a clean driving record, the increase might be less severe. However, if you already have a history of accidents or traffic violations, the impact could be more significant.
- The State’s Laws: The laws in your state regarding hit-and-runs can vary. Some states may have specific regulations that affect insurance premiums for such incidents.
- Your Insurance Company’s Policies: Each insurance company has its own policies and underwriting guidelines. How they assess risk and determine premium increases can differ.
What to Do After a Hit-and-Run
- Safety First: Ensure that you and your passengers are safe. If anyone is injured, seek medical attention immediately.
- Contact the Police: Report the hit-and-run to the local police. They can file a police report, which can be crucial for insurance claims.
- Document the Scene: Take photos of the damage to your vehicle and the accident scene, if possible.
- Contact Your Insurance Company: Notify your insurance company as soon as possible. Provide them with all the details of the incident and the police report.
Remember: While a hit-and-run can be stressful, it’s important to remain calm and follow the necessary steps to protect your insurance coverage and financial well-being.