Will a Hit and Run Raise Your Insurance? Everything You Need to Know

Introduction

Getting involved in a hit-and-run accident can be a stressful and frustrating experience. Not only do you have to deal with the damage to your car, but you also have to worry about the financial implications. One of the questions that may come to mind is whether a hit-and-run incident will raise your insurance rates. In this comprehensive guide, we will explore the various aspects of hit-and-run accidents and their impact on your insurance.

Understanding Hit-and-Run Accidents

Before delving into the effects of hit-and-run accidents on your insurance, it's important to understand what constitutes a hit-and-run incident. A hit-and-run occurs when a driver involved in an accident leaves the scene without stopping to provide their information or assist anyone who may be injured. Hit-and-run accidents can involve both property damage and personal injuries.

Does Car Insurance Cover Hit-and-Run Accidents?

One of the first questions that may come to mind after being involved in a hit-and-run is whether your car insurance will cover the damages. The answer to this question depends on the type of coverage you have. Let's explore some of the key insurance coverages that may apply to hit-and-run accidents:

• Collision coverage: Collision coverage helps pay for damages to your vehicle if you collide with another car or object, including in a hit-and-run accident.
• Uninsured motorist bodily injury coverage: This coverage may help pay for your medical expenses if you're injured in a hit-and-run accident caused by an uninsured driver.
• Uninsured motorist property damage coverage: If your car is damaged in a hit-and-run accident caused by an uninsured driver, this coverage can help cover the repairs.
• Medical payments coverage: Medical payments coverage can help pay for medical expenses for you and your passengers after a hit-and-run accident.
• Personal injury protection (AKA no-fault insurance): This coverage can help cover medical expenses, lost wages, and other costs resulting from a hit-and-run accident, regardless of who is at fault.

Impact on Insurance Rates

Now, let's address the burning question: will a hit-and-run accident raise your insurance rates? The answer to this question can vary depending on your insurance company and policy. In some cases, filing a hit-and-run claim may result in an increase in your premiums. Insurance companies consider several factors when determining premium rates, and a hit-and-run accident can be seen as an indicator of increased risk.

However, it's essential to note that not all insurance companies raise rates for hit-and-run accidents. Some companies offer accident forgiveness programs or have policies that protect policyholders from rate hikes due to certain types of accidents, including hit-and-runs.

Steps to Take After a Hit-and-Run

If you find yourself in a hit-and-run situation, it's crucial to take certain steps to protect yourself and increase the chances of a successful insurance claim. Here are the recommended steps to follow:

1. Evaluate the safety of the situation and check for injuries.
2. Contact the police immediately and provide them with all the information you have about the incident.
3. Gather as much information as possible about the accident, including witness statements, photos, and any other evidence.
4. Contact your car insurance company as soon as possible to report the hit-and-run and initiate the claims process.

What Happens Next?

After you report a hit-and-run accident to your insurance company, they will likely launch an investigation to gather more information about the incident. The investigation may include reviewing any evidence you provide, speaking to witnesses, and consulting with law enforcement.

If the responsible party is identified or found, your insurance company may attempt to recover the damages from them or their insurance company. However, if the responsible party cannot be located or is uninsured, your insurance policy's applicable coverage will come into play.

Conclusion

Experiencing a hit-and-run accident can be distressing, but knowing how to navigate the situation and understanding the impact on your insurance can help ease some of the stress. While a hit-and-run incident may lead to an increase in insurance rates with certain companies, others offer protection or forgiveness programs. By promptly reporting the incident and following the necessary steps, you can maximize your chances of a successful insurance claim. Remember to review your car insurance policy to understand the specific coverages and limitations related to hit-and-run accidents.