No! your accident record follows you for the rest of your life like a credit report. : Once you have had an accident even if you change your insurers, your premium will be surcharged. If you have a forgiveness clause in your policy and this is the first accident you will not be charged higher. That being said it is still possible to save on auto insurances and one should be constantly on the look out for savings, since there are number of ways the premium can be saved : 1) Having higher deductible as indicated. 2) Having safety features installed - like airbags, alarm system if not already installed. 3) Decreasing the mileage - use by car pooling. 4) Online discounts 5) Placing all policies with one insurer - home and auto or all auto polices with one insurer. The insurance rates are also dependent on the claims experience of the insurance companies so shopping around is certainly a good idea.
Most companies don't raise rates based on a no fault accident when you are insured with them. So, if you are getting good driving discounts, they will probably remain. However, if you want to switch, the no fault accident might prevent you from getting the next company's best rates.
Unfortunately, IF and that is IF your personal policy insurer finds out, if they do a yearly check, their may be a surcharge applied. Please remember that if ever confronted with that question from your insurer, always be truthful or they could cut you. I am a Broker
Yes, some insurers have rules that even if there was an accident with no payout or no claim made, your premiums will be affected. So once you report the incident to your insurer, they will consider it a claim against your future premiums. However, there are some companies out there that will not hold the incident against you, so would recommend you shop around for the best rate based on your situation.
They can be sued by the other driver for damamges (if at fault). If not at fault, they may have a very difficult time getting insurance in the future and when they do, the premiums will be through the roof.
To determine how to avoid a similar accident in the future
To determine how to avoid a similar accident in the future
Yes, you may, provided that the insurer has not already made payment. Keep in mind, though, that if the insurer has a record of a claim having been made, it may have a bearing on how the insurer "views" the risk in the future. This could go to issues such as future insurability, rates, and similar issues.
To determine how to avoid a similar accident in the future
insurers set premiums based on the equivalence principle where they set the present value of future outgo to the present value of future benefits. the calculations allow for an implicit profit due to interest spreads.
annuities....
Motor insurance policies have a scale of reduced premiums where there has been no claim under the policy. This is why the reduction in premium is called a "No Claim Bonus". It is not a "No Blame Bonus". If a third party was 100% responsible for an accident and you recover all of your costs directly from the third party without claiming on your insurance, then the accident should not affect your bonus or your record. However insurance statisitics show that drivers who have several accidents, even when theyare judged not to have been at fault are more likely to be involved in future accidents which will increase insurance costs, so there is an added risk factor which has to be declared to the insurer and taken into account.
If the owner of the policy is also the named insured, the insurer ordinarily pays the death benefit to the named beneficiary. This presumes that the policy was in force at the time of death. If the owner of the policy is not the insured, the policy becomes an asset of the estate and passes either according to the terms of the Will or, if no Will, by laws of intestate succession. The risk there, is that if the policy is not fully paid-up at that point and premiums are therefore still due, the policy may lapse at some point in the future if premiums are not paid.