Factors Beyond Accidents That Can Impact Insurance Premiums

Auto insurance premiums can be a significant expense, and when they increase it can put a strain on family budgets. While accidents are a well-known factor influencing these premium boosts, there are numerous other elements that insurers consider when determining rates. If you have questions about how to manage your insurance and injury expenses following a Florida collision, connect with a seasoned Orlando personal injury attorney.

Collisions and Other Items Influencing Insurance Costs

When you’re involved in an accident, your auto insurance will likely increase. The extent of the increase depends on several factors, including the severity of the accident and who was at fault.

When an accident is minor, such as fender benders without injuries,, you might see a small increase in your premium.  But if an accident is more severe, especially those involving significant damage or injuries, it is not uncommon for rates to jump a lot, even as much as 40% or more depending on who was at fault for the accident. Insurers adjust rates based on the perceived risk.  Some insurance companies have accident forgiveness provisions built into their policies which may not affect your premium.

While accidents do play a role in determining premiums, it is also helpful to be aware of other factors that can influence auto insurance costs.

• Often younger drivers, particularly those under 25, face higher premiums. This could impact a family budget if a younger driver is on their parents plan.
• Driving area. Where you live and drive can influence your insurance costs. A person who commutes daily through an urban area with high traffic density could have higher premiums than a person who drives infrequently in rural areas with reduced traffic flow.
• Credit score. Insurers often use credit scores as a factor in determining premiums as well. In these situations, a higher credit score can lead to lower rates while a poor credit score may result in higher premiums.
• Driving record. Maintaining a clean record with no accidents or traffic violations can help you secure lower premiums.
• Vehicle type. The make, model, and age of your vehicle can affect your insurance costs as high-performance cars and luxury vehicles typically have higher repair and replacement costs.

Naturally, you are also in control of part of the process when you decide on the amount and type of coverage you want, too. Comprehensive and collision coverage, higher liability limits, and lower deductibles all lead to higher premiums.

Discuss Your Accident Expenses with an Attorney

If you’re coping with an array of expenses after an accident, consult with a skilled Orlando personal injury attorney. Legal professionals are available to fortify your finances, including guiding you through the insurance claims process, ensuring you receive fair compensation, and sharing strategies with you to mitigate possible insurance increases.

Could you use help managing collision expenses? It is normal to have financial worries in the wake of an auto accident, explore your options with help from the lawyers at Israoui Law. Call 407-381-4529 for the personal attention you deserve. Always speak to an experienced accident attorney before speaking to any insurance company.

Should you move to hold another driver accountable or is your injury the result of challenging weather conditions? Discuss your case with the lawyers at Israoui Law. Seasoned attorneys are available to negotiate on your behalf to ensure you receive a fair settlement. Call 407-381-4529 for the personal attention you deserve. Always speak to an experienced accident attorney before speaking to any insurance company.