Age, Accidents, and Insurance Premiums

Insurance premiums are a necessary expense for drivers, but not everyone pays the same amount when it comes to securing coverage. What affects these rates depends on driver data and policy requests. For Pennsylvania drivers, age, driving history, credit scores, and more can impact premium payments.

If you have recently been involved in a collision and are worried about your expenses and insurance rates, have a conversation with a Bucks County personal injury attorney about how various insurance assessment factors interplay.

Accidents and Insurance Rate Impacts

Your driving history heavily influences your insurance rates. In Pennsylvania, if you’re involved in an accident, you can expect your premiums to rise and often the increase is significant. On average, a single at-fault accident can increase your premium by about 50% or more. So, if your annual premium was $1,200 at the time you were involved in an accident as the at-fault driver, your premium could jump to $1,800 or higher, depending on the circumstances of the accident. This increase can last for several years.

Beyond driving history, age can be a main factor affecting insurance premiums, too. Younger drivers, especially those under 25, often face higher premiums due to their lack of experience and statistically higher risk of being involved in accidents. Then again, later in life, older drivers, particularly those over 65, may also see increased premiums as age-related factors such as slower reaction times and declining vision dangers become part of the calculation.

Additionally, credit scores are used to help determine insurance premiums. Insurers believe that individuals with higher credit scores are generally more responsible and less likely to file claims. As a result, a low credit score can lead to higher premiums, while a high credit score can help keep your insurance costs down.

Several other factors can affect your insurance premiums, including:

• Drivers in urban areas typically face higher premiums than those in rural areas, because of the increased likelihood of accidents and theft.
• Vehicle type. When you drive a vehicle that is considered a high-performance or luxury model, it can result in higher insurance costs as these vehicles typically cost more to repair and face an increased theft risk.
• The more you drive, the higher your risk of being involved in an accident, leading to higher premiums for those who spend more time on the road.

After an accident, consulting with an experienced Bucks County personal injury attorney can be very useful. A lawyer can help you navigate the complexities of your insurance claim, ensuring that you receive fair compensation for your damages. They can also negotiate with insurance companies on your behalf, potentially helping to minimize the impact of the accident on your premiums.

Share Your Insurance Concerns with a Skilled Attorney

Are you curious about how a recent accident will impact your insurance agreement? When it comes to determining rates, it is common for insurance companies to assess a driver’s age, accident history, credit score, and other factors. The legal team at Kevin L. Hand, P.C. can shine light on your options. Call 215-968-6602 for a confidential consultation.