Hit & Run Accidents and your Auto Insurance

Friday, December 9, 2011

 

Accidents are not always unavoidable when driving. They happen sometimes and, if the accident is because of a fault of your own, you’ll experience higher insurance premiums now and in the future. The insurance deductible is the amount of money you’ll need to pay to get your vehicle repaired if you are found at-fault in an accident. 
 
A hit and run accident is something that you won’t want to deal with. It’s not exactly ideal to walk out of work or to leave a store, only to discover that someone has caused damage to your vehicle and not left their personal information such as their name, address and phone number. 
Whether you are left with scratches, dings or dents, a hit and run accident will have an impact on the cost of your automobile insurance. An accident can be classified as a hit and run if one or more parties does not leave their contact details. Estimates say that as many as 700,000 hit and run accidents occur in the United States on an annual basis. With numbers as high as these, there’s a great chance you may become the victim of one at some point in your driving lifespan. 
 
Carrying your own hit and run coverage on your automobile policy ensures that you aren’t stuck with a huge repair bill after an accident occurs. While you may experience an increase in your short-term insurance premiums o need to pay the full price of your insurance deductible, it will definitely be less than the price of the repairs. The National Association of Insurance Commissioners reported that the average cost to carry collision car insurance, which covers the costs that accumulate when a hit and run occurs, is actually less than liability. On average, the comprehensive and collision will constitute roughly 25% of the total policy premium.
 
The cost of car insurance California based depends on the number of people and type of vehicles being covered on the policy. A large part of the cost also depends on your driving record and how many tickets and claims you have on your driving record. Most companies only go back a certain number of years, typically 3 to 5, and then older records are not taken into consideration any longer when it comes to price quotes. 
 
Other costs may also need to be taken into consideration such as lost wages, the cost of obtaining a rental car and any travel expenses or household help that needs to be implemented in overall costs as a result of the accident. 
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