Six Factors That Determine Insurance Costs After An Accident

When you’re in an accident your first concern is yours and your passengers’ safety; next it’s your car and getting it repaired. But once those things are sorted the spotlight quickly falls on your insurance premiums and the inevitable worry they’re going to increase substantially

How Much Does Car Insurance Cost After An Accident?

On average insurance premiums after a car accident are likely to see an increase. The amount by which it will increase depends on who’s at fault, the severity of the accident, the policy you hold and any no-claims bonuses as well as your own driving record.

It's important to know that you have the legal right to choose who repairs your vehicle after an accident, and your insurance will cover the costs. By nominating EvolveArc, you can enjoy up to £300 off your excess and take control of the repair process. We ensure safe repairs, provide a lifetime warranty, and offer a service tailored to your lifestyle, all aimed at keeping our customers satisfied.

Does My Insurance Premium Go Up After A No-Fault Accident?

While it’s common for insurance claims to lead to premium increases, a non-fault claim processed through EvolveArc will have no impact on your premiums. Your insurer will verify the claim with the at-fault party before confirming it’s not your fault. With Evolve’s pre-validated repair partners, you can enjoy peace of mind once your claim is approved. Plus, we offer £150 cashback for you to treat yourself, and your excess will be zero once approved. Your choice matters, and we’re here to support you every step of the way!

Here we explain the six factors that affect insurance after an accident:

1. At-Fault Accidents

If you’ve been in an accident and you’re to blame, then you can expect an increase in insurance costs. This is because an insurance company will be liable to pay any claims against you and because you’re considered a higher-risk driver. This is often a lower increase than expected, and more importantly often lower than the cost of repairing your vehicle

2. Non-At Fault Accidents

In this case the accident was caused by someone else and your claim will be against their insurer rather than your own. However, statistically speaking there is a higher risk of you having another accident when you’ve already been in one, even if you’re not to blame.

Your insurer will ensure it doesn't affect your premium but only once they recover the cost from the at fault driver. However, Evolve ensures that you have the guarantee upfront that your excess is waived and your premiums are not affected, in fact we go straight to the third party and never try to recover the cost from your insurance policy!

3. Claim History

Your claims history is a crucial factor in setting premiums. If you’ve previously claimed, whether you’re to blame or not, this will be recorded on your insurance history and used in any calculations they make.

Choosing to go with Evolve Arc ensures that non fault accidents don't affect your claims history, this can happen when you go straight to your insurer. For example, if the party at fault provides evidence that your insurer feels can escalate to a legal battle in court rather than doing this they can agree to a 50/50 split of the costs despite you not being at fault in the accident. Using Evolve Arc accident management service removes this risk.

4. Severity And Cost Of Accident

Insurers will assess the potential financial risk that you pose as a policy holder. This is assessed by things like any previous claims and their costs as incidents that cause higher costs to your insurance, like injury to another party, can result in a rise to your premium policy price. Even if you weren’t at fault any accident involving extensive costs to your insurer will affect future payments.

5. Policy And Coverage Type

Your chosen level of coverage – comprehensive, third part only or third party, fire and theft - will affect your premiums. Similarly, your choice of deductible matters too. You can opt for a higher excess which can lower premiums but you risk higher up-front costs if you later make a claim.

6. No Claims Bonus

A NCB is a reward or discount from insurers for your years of claim-free insurance. When you make a claim following an accident you may lose some or all of your NCB but it may also get you some money off your renewal premium. If you have a protected No Claims policy then you are not affected by this and you keep your No Claims benefits at renewal. This is an important aspect to consider when taking out a policy as it makes the cost of claiming significantly lower and allows you to get the most out of your policy!

Accidents happen, but you can take control of your insurance costs with the right repair service. Contact the team at EvolveArc today to find out more!

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