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Well, to put it bluntly– yes. Yes, your rates are probably going to go up after an accident. I know — you don’t want to hear that, but it’s true. Anyone who tells you differently is either afraid to tell you the truth, or doesn’t know what they’re talking about.

To understand why rates go up after an accident or claim, you first need to have at least a general understanding of how insurance companies determine their rates to begin with. Trust me, it’s not as cut and dry as you think.

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I was recently asked this question by one of my clients, and thought I would share the answer here for my readers.

As I’ve mentioned in earlier articles, there are a lot of things that go into homeowners and auto insurance rates, one of them being credit. I’ve heard a lot of complaints from people who don’t like the fact that insurance companies use credit in their underwriting. Some people have absolutely no idea that it’s used in the rate at all.

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“Not cool bro! Why does my rate go up when my car is getting older??”

I literally get this question 2 or 3 times a week, so of course, I wanted to address it here for all of my readers.

First things first, even though it’s called car/auto insurance, it covers more than just your car. It should technically be called “auto-owners” insurance, similarly to how home insurance is actually called “home owners insurance”.

As I’ve mentioned before, there are a lot of variables that go into insurance premiums, and with auto insurance, it’s no different.

The insurance company is much more concerned with you crashing into someone and causing them (or yourself) bodily harm, or death, than they are about your car. A car can be replaced. A life, might not be able to.

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