Here’s How Much Your Insurance Goes Up After an Accident

| January 29, 2019

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Planning to file a claim with your auto insurance? If so, you should brace yourself for higher premiums. This warning comes courtesy of a joint study between InsuranceQuotes and Quadrant Information Services. According to the data, drivers who made claims in 2016 saw their policy premiums increase by an average of 44.1%. The study looked at the impact of claims worth $2,000 or more and compared premium increases in all 50 states and Washington, D.C. Keep in mind, the reported premium increases weren’t for individuals who have a history of unsafe driving. After jumbling the numbers, the study concluded that, even after a single auto claim, premium increases can be significant. Even worse, premium increases following claims have risen incrementally over the last few years. This suggests that “the expense of filing an auto insurance claim will continue to rise.” How Price Increases Vary by State. While the numbers show your rates could surge after an accident regardless of where you live, some states report costlier increases than others. As the InsuranceQuotes study noted, the following five states reported the largest premium increases after a single auto claim worth $2,000 or more: California (63.1%), New Hampshire (60.3%), Texas (59.9%), Massachusetts (57.3%), and North Carolina (57.3%).

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Mahindra Insurance Brokers Limited

Mahindra Insurance Brokers Ltd. (MIBL) is 80% subsidiary company of Mahindra & Mahindra Financial Services Ltd. MIBL was granted a Direct Broker's License by the Insurance Regulatory and Development Authority (IRDA) in May 2004, for undertaking direct insurance broking in Life and Non-Life businesses. In September 2011, MIBL was granted a Composite Broker licence by the IRDA, thus foraying into Reinsurance Broking business along with Direct Broking. As a Total Insurance Risk Solutions provider, MIBL plays an integral role in the Risk Management portfolio of customers.

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