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Does a Accident Cause My Car Insurance to Go Up?
Jeff Ryan - CLU, ChFC, AIA, CIC, CPCU
Jul 10, 2022
Car Insurance Costs is Dependent on Several Factors
The answer to this question is going to depend on several factors:
- The state in which you reside - Insurance Departments approve how insurance companies can weigh rating variables.
- Are you applying for a new policy following the traffic ticket? Or do you already have an auto policy in place?
- Your insurance company’s renewal practices - does your company run Motor Vehicle Reports (MVR) on renewal?
- The type of traffic ticket - Minor violations may have little to no impact.
In New York, most companies will forgo requesting updated Motor Vehicle Reports on renewal unless they have some apparent reason. The majority of companies pass on rerunning MVRs because of the cost. New York charges insurance companies to request that data.
Another reason our state’s carriers typically pass on this practice? A minor violation does not affect one’s rate nearly as much as other factors. What are the significant factors influencing what you pay for car insurance? See our blog article: What are the Primary Factors That Cause My Car Insurance to Go Up?
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
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