Will My Insurance Rates Go Up After a St. Louis Car Accident?

If you’ve recently been in a car accident in St. Louis, you may be wondering if your insurance rates will go up.

After a serious auto accident, your premiums may rise significantly. In this article, we will discuss when your rates may rise after an accident and why you should get help from an experienced car accident attorney to ensure your legal rights are protected.

Your Insurance Rates Will Generally Go Up If You’re Found To Be At Fault

First, let’s clear something up. If you’re not found to be at fault in an accident, your insurance rates generally will not go up. This is because the other party’s insurance company will be paying the full amount of your claim.

If you are found to be at fault, however, your insurance rates will likely rise – because your insurance company will be paying out the full amount of damages up to your coverage limits. As a result, you end up paying more for insurance every month.

Why Do Insurance Rates Jump After An Accident?

After an accident, your insurance rate can jump significantly. If you are involved in an at-fault bodily injury claim, for example, the average increase for your yearly insurance premium nationwide is 31%, though in Missouri, your rate typically jumps by an average of 22%.

Despite what you may think, insurance providers, aren’t raising your rate to punish you. Rather, they are using the new data you gave them – by getting into an accident – to reclassify you in their systems.

Basically, they now perceive you as a riskier driver, because riskier drivers are more likely to cause accidents. Higher risk means that they must charge you more in premiums to cover the higher likelihood of an accident.

How Long Does It Take To Eliminate My Insurance Rate Increase?

This depends on the specifics and particulars of your case. However, in most cases, the rise in premiums caused by a car accident will drop off after a few years. 

Your insurer will see that you’re not a risky driver, since you haven’t been in another accident. Then, your rate will typically be adjusted accordingly, and you’ll start paying less for coverage. 

So drive safely after your accident, and you’ll be able to restore your great driving record, and pay less for insurance premiums. 

Get Help If You’ve Been In A Car Accident In St. Louis, MO

If you want to get the best outcome for your case, or you have been seriously injured in a car accident in St. Louis and want to pursue a personal injury claim, get legal assistance. Speak with an experienced St. Louis car accident lawyer now, and get the guidance you need to protect your legal rights.