Will SR22 Insurance Rates Go Up After a Car Accident
Q: I have a SR22 insurance certificate policy. Will my rates go up if I get into an accident?
A: It depends on whether or not you are found to be at fault for the car accident or not. If you aren’t, then there should be no change in the policy which accompanies your SR22 insurance certificate. However, if you are at fault for the accident, you should be expecting a hike.
Although your car insurance company won’t want to give you a straight answer when it comes to rates raises on your SR22 insurance certificate policy, when you get into your first at fault accident, it’s standard in the industry to raise your premiums by 40%. Since you have SR22 insurance, that will probably be a lot of money, since your policy is already costing somewhere in the thousands each year, very likely.
Because of how much you will suffer if you get a price hike for your first at fault accident, you should consider accident forgiveness policies when deciding on a company to file your SR22 insurance certificate. Even if you think you’re a great driver and will never get in an accident, you should still find a company with accident forgiveness, since you never know what will happen and it could save you hundreds, even thousands, of dollars.
