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How Much Does an Accident or Speeding Ticket Impact Car Insurance?

 

Damaged Headlight Car Accident Insurance Rate Hikes Seibert Agency FL

Great question! The answer is “it depends”. It used to be cut and dry, if you had a ticket it was X% increase and if you had an accident it was Z% increase on your Florida car insurance. Nowadays, there are thousands of factors that go into the rate of insurance. If you have an accident with a small payout, that is looked at more favorably than if you have an accident with a large payout. If the driver that has the ticket or accident is under the age of 25, they will pay more for their insurance come renewal than someone that has the same profile that is older. If you have a not-at-fault accident combined with a ticket and an at-fault accident, it will be harder for you to find coverage than someone with a similar profile but without that not-at-fault accident.

Statistically, if you have a ticket, an at-fault accident or a not-at-fault accident, you are more likely to get into an accident than someone with a squeaky-clean driving record. Because you are more likely to get into an accident, the car insurance company will charge you more.

Other factors that go into your cost of auto insurance…your insurance score (similar to a credit score), the address where the vehicle is parked, the distance to/from work, age of drivers, how many cars to drivers ratio, payment history, type of car you have and many more factors…Our team of experienced Florida insurance agents will help you find the most affordable car insurance that meets your specific coverage needs.

Many times if you have just had a ticket or accident, the best bet is to sit tight until renewal and see what happens to the renewal rate. If it skyrockets, that may be the time to shop the insurance. Sometimes insurance companies do not pick up on a ticket. Even though, motor vehicle reports (MVR) also known as your driving record, help car insurance companies determine how to set rates, it is costly to run a MVR so some carriers don’t run them. If that is the case and the carrier does not find out about your ticket, it may be best to stay with that same carrier for another year or so vs shopping at renewal. Your best bet is to use an Independent Agent that represents multiple carriers they can do the shopping for you.

Curious to learn more about how much an accident or speeding ticket can impact your Florida car insurance? Contact the team of Independent Florida insurance agents at Seibert Insurance Agency near Tampa!

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