One Insurance Claim Can Raise Rates by 67%: Report
A single claim on your auto insurance policy can increase your rates by up to 67 percent depending on where you live.
A report from InsuranceQuotes.com used a hypothetical 45-year-old employed female driver with an excellent credit score, no lapse in coverage and has filed no prior claims to determine how much an annual premium could rise after filing one of three different types of claims: bodily injury, property damage and comprehensive.
SEE ALSO: Bad Credit History Could Double Your Insurance Rates: Study
Rate increases varied widely by state with Massachusetts seeing a 67-percent increase as a result of filing any claim of $2,000 or more. On average, insurance premiums will rise 38 percent after a claim with Maryland posting the lowest increase at 20 percent.
A property damage claim of $2,000 or more could see insurance rates rise as much as 73 percent in Massachusetts while Connecticut drivers will see on average a 22-percent increase.
States with the highest increase in insurance rates following a claim include California, Arizona, Washington, Minnesota, North Carolina, New Jersey and Massachusetts. Meanwhile states such as Alabama, Mississippi, Oklahoma and Wyoming saw the lowest increases.
Jason Siu began his career in automotive journalism in 2003 with Modified Magazine, a property previously held by VerticalScope. As the West Coast Editor, he played a pivotal role while also extending his expertise to Modified Luxury & Exotics and Modified Mustangs. Beyond his editorial work, Jason authored two notable Cartech books. His tenure at AutoGuide.com saw him immersed in the daily news cycle, yet his passion for hands-on evaluation led him to focus on testing and product reviews, offering well-rounded recommendations to AutoGuide readers. Currently, as the Content Director for VerticalScope, Jason spearheads the content strategy for an array of online publications, a role that has him at the helm of ensuring quality and consistency across the board.
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