Will My Insurance Go Up If I Claim a Hit and Run?

Being involved in a hit and run accident can be a frustrating and stressful experience. Not only are you left dealing with the damage to your car, but you may also be wondering how it will affect your insurance rates. In this blog post, we will explore the topic of hit and run accidents and whether filing a claim will cause your insurance premiums to go up.

Car Insurance Coverage for a Hit-and-Run: Will You Be Covered?

If you have comprehensive coverage on your car insurance policy, you may be covered for a hit and run accident. Comprehensive coverage typically helps protect you against damage to your vehicle caused by things other than collisions, such as theft, vandalism, and yes, hit and run accidents.

However, it's important to note that not all insurance policies include comprehensive coverage. If you're unsure whether you have this coverage, it's best to review your policy documents or contact your insurance company directly.

Do I Have to Pay a Deductible for a Hit-and-Run Insurance Claim?

When it comes to filing a claim for a hit and run accident, you may be required to pay a deductible. A deductible is the amount of money you agree to pay out of pocket before your insurance coverage kicks in.

For example, let's say your deductible is $500 and the total cost of the damage to your vehicle is $1,000. In this case, you would be responsible for paying the $500 deductible, and your insurance company would cover the remaining $500.

Keep in mind that the specific details of your insurance policy will determine the amount of your deductible. Some policies may have a fixed deductible amount, while others may offer a range of deductible options for you to choose from.

Do Hit-and-Runs Raise Your Insurance Cost?

One of the main concerns people have when filing a claim for a hit and run accident is whether it will cause their insurance rates to increase. Unfortunately, there is no straightforward answer to this question.

Insurance companies take several factors into consideration when determining premiums, including your driving record, location, and the number of claims you have filed in the past. While filing a claim for a hit and run accident may result in a slight increase in your rates, it is not necessarily a guaranteed outcome.

It's worth noting that some insurance companies offer accident forgiveness programs, which means your rates may not increase after your first at-fault accident. However, it's important to check with your specific insurance provider to see if this option is available to you.

Does Liability Insurance Cover a Hit and Run?

Liability insurance typically helps cover the costs of damages and injuries sustained by other parties in an accident that you are at fault for. However, it does not typically cover damage to your own vehicle in a hit and run accident.

If you only have liability insurance and your vehicle is damaged in a hit and run, you may be responsible for covering the repair costs yourself. This is why it's important to consider adding comprehensive coverage to your policy, as it can help protect you in situations like these.

Steps to Take After a Hit-and-Run Accident

If you find yourself involved in a hit and run accident, it's important to take the following steps:

1. Evaluate the safety of the situation: If you or anyone else is injured, call 911 immediately.
2. Contact the police: It's crucial to report the hit and run to the police as soon as possible. They can help gather evidence and file a report, which may be required for your insurance claim.
3. Gather information: If it's safe to do so, try to gather as much information as possible about the incident. This can include taking photos of the scene, noting any details about the other vehicle involved, and collecting contact information from any witnesses.
4. Contact your car insurance company: Reach out to your insurance company to report the hit and run and initiate the claims process. They will guide you through the necessary steps and help determine if you have the coverage needed to file a claim.

Will a Hit-and-Run Claim Raise My Insurance?

As mentioned earlier, filing a claim for a hit and run accident may result in a slight increase in your insurance rates. However, the specific impact on your premiums will depend on various factors.

If you have a history of multiple claims, including at-fault accidents, your rates may be more likely to increase. On the other hand, if this is your first at-fault accident and your insurance provider offers accident forgiveness, your rates may not be affected.

It's important to remember that insurance companies use complex algorithms to determine rates, and each company may weigh different factors differently. The best course of action is to reach out to your insurance provider directly and discuss your specific situation with them.

Key Points to Remember:

• Comprehensive coverage may help protect you in the event of a hit and run accident.
• You may be required to pay a deductible when filing a hit and run insurance claim.
• Filing a claim for a hit and run accident may result in a slight increase in your insurance rates, but it is not guaranteed.
• Liability insurance typically does not cover damage to your own vehicle in a hit and run accident.
• If you are involved in a hit and run accident, take the necessary steps to ensure your safety and report the incident to the police and your insurance company.

In conclusion, while filing a claim for a hit and run accident may have some impact on your insurance rates, the specific outcome will depend on various factors. It's important to review your insurance policy and speak with your provider to understand your coverage and how filing a claim may affect your premiums. Remember to always prioritize your safety and follow the necessary steps after a hit and run accident.