Car Insurance After an Accident
Even a minor car crash or collision can result in serious injuries and property damages. Between the costs of medical care and treatment and the expense of having to repair or replace your vehicle, a single car accident can end up costing hundreds of thousands of dollars. If you and the other driver are insured, you may be able to recoup these losses through an insurance company settlement. But what happens to your car insurance after an accident?
Unfortunately, you could end up paying higher car insurance rates following an accident. The following provides important information all drivers should be aware of regarding how your rate is determined and what you can do to keep your rates from increasing after an accident occurs.
Types of Car Insurance and Factors That Influence Your Rates
As in most other states, South Carolina residents are required to purchase certain types and amounts of insurance to protect them against liability in the event of an accident. The S.C. Department of Insurance (DOI) advises that all drivers are required to carry the following:
- Bodily injury liability, which protects you against claims for medical expenses, lost wages, and pain and suffering. Required amounts are $25,000 per person and $50,000 for all others involved in a single accident.
- Property damage liability, which covers damages caused to other people’s cars or their personal property. The required amount is $25,000.
- Uninsured motorist coverage, which protects you in accidents against drivers who are uninsured. The amount is the same as bodily injury and property damage and divided into a 25/50/25 split.
The above are simply state minimums. Drivers may elect to purchase additional coverage policies or higher amounts. When determining the rate you will be charged, there are many factors insurance providers consider. These factors include your age, the make of your vehicle, the amount of miles you drive each year, and your credit rating. Of course, your driving record and any prior car accidents will impact this amount.
Car Insurance After An Accident
The part you play as a driver involved in an accident is a major factor in determining whether your insurance rates will go up afterwards. A rate increase is not always a given after an accident. Factors that may prevent a rate form increasing include whether or not you were at fault for the accident, whether or not you were engaged in any reckless driving behaviors at the time, and whether or not you have otherwise maintained a safe driving record. Be sure to check with your insurance company to be sure of their policies.
In determining fault, insurance companies rely largely on police reports from the accident scene, as well as statements you make to the insurance claims representative in the aftermath. For this reason, it is important to not admit liability after an accident and to speak with an attorney right away. We can help you avoid making statements that could incriminate you, while also conducting our own independent accident investigations that could benefit your case.
Get Help Today
If you or a loved one has been involved in car accident, contact Anastopoulo Law Firmright away. Our experienced South Carolina attorneys act as trusted legal advocates on your behalf, protecting your rights and interests and assisting you in getting the compensation you need to recover.