Question by Dabid D: insurance premium?
i live in California and got my license in sept 2007 then within two months of getting my car insurance(state farm) i got into a at-fault accident, my current policy runs till april 2008 and i currently pay 1022 every 6 months with a good student discount, also the damage on my car was worth 6,000 and i have a 1,000 deductible the other cars damage was worth 5,000 how much will my premium rise when it is time to renew?
Best answer:
Answer by Big Deal Maker
Expect it to go up about 30-35%
What do you think? Answer below!
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Many auto insurance companies follow the Insurance Services Office’s (ISO) standard of increasing a premium by 20 to 40 percent of the insurer’s base rate (not your current rate) after your first at-fault accident. A base rate is the average amount of claims paid plus the insurance company’s claims-processing fee. According to the ISO, for multicar policies the surcharge is 20 percent of the base rate, and for single-car policies it is 40 percent.
I work for state farm insurance in oregon and what will happen as once your policy renews after it’s current 6 months, then they will add on an accident surcharge to your policy. They won’t know how much of a surcharge till renewal. So I would call your agent once your renewal time is here in April and ask them how much it went up. You will also get a statement in the mail before your payment is due with the amount it will be. I would say it will probably go up anywhere from 5 – 25%, but I am not for sure.
I think a good idea would be to get a qwik quote from other carriers to “test the waters” and see what the current premiums are running with your current situation. In my opinion, unless you are on your parents policy, State Farm may not be the cheapest for newly licensed drivers, especially with incidents against them. Get a qwik quote, they’re free and you never know, you may find a current cheaper rate available for you!
Go to http://www.qwiksilverinsurance.com for a free qwik quote.
Best of luck to you!