How Much Will a Fender Bender Increase My Car Insurance?
As with any matter that involves insurance premiums, there are a variety of factors that come into play when determining how much an accident will increase your insurance. Most important is the cost of the damage caused by the accident. If the repair bill is less than $500, the severity is considered low and you can expect your annual rate to rise by less than $100 and sometimes even be ignored entirely. If the charge is $500-$1000, most companies will consider this a medium factor and raise your rates by as much as several hundred dollars a year. Mechanics bills higher than $1000 are considered severe and will most likely increase your rates drastically, sometimes by as much as $500 annually. Depending on your insurance company, they may apply larger increases for moving violations and other minor offenses after a large accident has occurred.
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