What Happens to Insurance Premiums in Port Charlotte Following an Accident?

Were you recently involved in an auto accident in Port Charlotte? In addition to navigating what can often prove to be rocky territory when filing your insurance claim, you also may worry about what will happen to your insurance premiums following the accident. This is on top of possibly high medical bills and the cost of your personal suffering.

Measurable Economic Damages

Economic damages are generally easy to calculate following your Port Charlotte auto accident. You will often receive bills and invoices for the damages, including any medical treatment you received after the accident. Some of the damages that may prove to be easily tallied include lost wages, future income loss, the cost of medications and medical treatment, emergency room visit bills, hospital stays, out-of-pocket health insurance costs, and invoices for additional medical testing and therapies. Your doctor can even ultimately testify about any ongoing future medical needs you may have due to your Port Charlotte auto accident. However, this number may not be as tangible, so it can be more difficult to estimate this.

Your Non-Economic Damages

Non-economic damages come in the form of pain and suffering, coping with a disability, mental health issues, and emotional instability following the accident. Still, many of these cases also carry compensation needs for the victim, so it may be in your best interest to consult with a knowledgeable personal injury attorney to help determine the value of these non-economic damages. They can help you receive fair compensation.

Your Premiums After a Florida Auto Accident

So, now that you know more about the costs involved following an auto accident, you are wondering what will happen to your insurance premiums. There are a few factors you need to take into consideration.

The Cost of the Claim

Not all claims are alike, and there is a big difference between a minor fender bender accident and an accident in which the vehicle has been totaled. So, you must factor in the cost of the claim overall and the severity of your auto accident. These will both make a difference when it comes to the insurance company choosing to raise your insurance premiums or not.

Driving Record

How is your driving record? Your driving record is usually taken into account when the insurance company calculates the cost of your insurance premiums. If you are considered high risk based on your driving history, you may end up with higher premiums following an accident. However, your premiums may be looked over again even if you were a safe driver up until the accident. Keep in mind, though, that filing a claim doesn't necessarily mean that your auto insurance premiums will increase.

Driver Fault

Finally, which driver is at fault? Some insurance premiums will increase if the insurance company feels that you were the at-fault driver. The insurance company will review the police report, interview people involved in the accident, and will assess photos of the accident scene and damage. The adjuster then works with the insurance company to determine who is responsible. What does this mean for Florida who is a no-fault state? Florida insurance laws mandate that you must carry a no-fault insurance policy with a minimum limit of $10,000 when you register your vehicle. You must also purchase property damage liability insurance to cover the costs of the damage done to the other vehicle involved.

Bottom Line

The bottom line is that you need to consider all of these factors when determining if there is a chance your insurance company will raise your premiums following your Port Charlotte auto accident. If you are unsure of what to do or need help filing a claim, don't hesitate to contact a knowledgeable auto accident attorney to help you navigate the process and receive the compensation you may be entitled to.