The cost of living is high, and is on the rise every day. Just getting to work costs more now than it did ten years ago, and the expenses associated with daily living expenses seem to be increasing quickly. Most consumers shop around for major purchases, looking for the deal that fits their budget while still finding a product that meets their needs. One area where comparison shopping is common is with insurance. When rates are raised it is not unusual to call a competitor company for a rate quote, and if the quote is lower, it is not unusual to switch insurance companies. This is true of all types of insurance, from home to auto.
One time you may want to consider looking at alternative insurance options is if you have been in an accident. Even if the incident was not your fault, your rates may rise. CBS News reports on this important topic as follows:
- Statistics show that rates rise by as much as 41%, even for just making one claim!
- Factors taken into consideration when a rate hike is made include your driving history, who was at fault, and even your credit score.
- For those insureds that make two claims per year, the rate could increase by a whopping 93%!
These numbers show that you must carefully weigh the decision to file a claim with your own insurance company after having been in an accident. In most cases, the claim will be made with the at fault party’s company, and likely not impact your policy rates. But in instances where you have to rely on your uninsured or underinsured coverage, you may face an increase for making a claim. This can leave an injured person in quite a predicament, but with the right legal advice, sound decisions can be made. We will review the facts of your case and offer you avenues for recovery based on the specifics of your matter. Call us today to schedule an appointment.
If you have been in an accident, call our office to learn your options. Let an experienced attorney help you figure what is best for you. Call a Bloomington, Minnesota personal injury attorney today.