Car accidents are a sure-shot nightmare for any driver out there. The minute they occur, they bring 1000’s problems and unfamiliar scenarios with them; Different types of claims, price fluctuations, individual harm, impact on the vehicle, etc., the list goes on and on. But the primary stress that bothers all the drivers out there is the damage that it does to the insurance premium of that particular vehicle. An accident-related car’s driver usually experiences an increase of almost 34% in the car insurance rates.
Various factors affect the best car insurance rates in Ontario and the pattern in which they fluctuate. Let’s discuss them one by one and the company that can assist you in the best way when a car accident occurs and offers the best car insurance rates in Ontario.
Factors that can affect the Insurance rates
Well, it doesn’t necessarily mean that the rates will be affected for sure; in some cases, the premium rates won’t even get affected at all. But some common factors that the various insurance companies consider are mentioned below that certainly can’t be ignored.
Who’s at Fault?
Most importantly, the first thing that these companies consider is how risky of a driver you are. If your driving track record is not up to the mark or if the insurance company sees it as a bit questionable, they might increase the premium amount overnight, affecting your budget in many ways. But that’s not always the case. Sometimes, if you’re not at fault, you might not see any rate changes, but that’s not always a guarantee. The insurance company might cover all the damage bills of the vehicle, but the number of accidents you’ve been involved in the past might affect the premium rates significantly.
The amount that matters
Another critical aspect of any claim transaction or accident-related issue is the claim that the parties are demanding. While the insurance companies try their best to minimize this cost, the vehicle owners do their best to claim the maximum for their damages. The rates and claims differ according to the different scenarios that occur. A car that got rammed into a tree will have a different kind of claim if we compare it with a car that has met with a full-fledged accident.
Driving Record is also Important.
The driver’s history plays a vital role at almost all the steps of a claim or accident. The driving habits, history, past, everything will be thoroughly reviewed before deciding upon the claim that needs to be imposed on the driver. Example – If the driver has met with several accidents in recent times, then there is a good chance that the premium rates would likely go up if the same kind of situation arises again. Traffic violations also consider traffic tickets, overspeeding, rash driving, drunken driving, etc., with different traffic ticket costs which shape the overall scenario of a driver and the insurance claims he has to face.
How long does an Accident impact you or your record?
If we talk about a typical accident or a mishappening, it usually stays in your record for around 4-5 years. But basically, it all depends upon the severity of the accident. If there isn’t much severe damage or loss of life involved, then the accident might vanish from your record in just a short while only. It also depends upon the location where the accident has taken place. Different states or countries have a different set of operations to deal upon at the time of an accident.
We believe that the above information is sufficient to assist and guide you at all the steps of an accident or the insurance claim process. But still, if you’re looking for the best car insurance rates in Ontario, well, wait no more. My Insurance Broker has indeed got covered at all the steps. They have the right professionals, skilled staff, and expertise to cater to all your needs so that you don’t have to have to overpay at any point. Click here to know more.