Does a Hit and Run Increase Your Insurance Premium?
As a car owner, there’s something incredibly frustrating about being involved in a hit and run situation. You may be wondering if a hit and run increase insurance premiums.
The damage usually has been done by someone who didn’t bother to stop and take responsibility for their actions. An accident tends to make you rely on your auto insurance policy to help you get back on your feet.
The circumstances of every hit and run are different, but there are ways to deal with the aftermath correctly. Read on to find out more about hit and run accidents and how your insurance rates could be affected.
Dealing With a Hit and Run
A hit and run is an incident involving a vehicle that causes damage to another vehicle, driver, or property. The responsible party may be unidentified and has left the scene without providing information. These accidents could occur while you’re driving or parked, and you’re away from it, or on your property.
As the victim of an accident, you need to report the damage to the police. You also need to report the accident to your insurance company. Only report when it is safe to do so. Be sure to take lots of pictures and document the extent of the damage. If you can, get identifying features of the vehicle that hit you.
In the event that the perpetrator of the accident isn’t identified, your insurance company will work to investigate the hit and run. If they find the person and vehicle responsible, they will see what insurance coverage they have. That person’s insurance would be used to cover injuries and damages caused by them.
If the perpetrator is uninsured or can’t be identified, your auto insurance company will step in. Your policy will help to cover medical expenses, property damage, and damage to your vehicle. Bodily injury and property damage coverage on your auto insurance policy will help protect you.
Unfortunately, damage to your vehicle may not be covered unless you have collision coverage. This is ideal to have in situations where you are involved in an accident with an under-insured or uninsured driver.
Hit and Run and Insurance Premiums
In short, being involved in a hit and run may not increase your insurance rates if you are not found to be at fault. If your vehicle or property is damaged in a accident, you are required to report the damage to the police within 24 hours.
You also need to report the damage to your insurance broker to begin your claim. This documentation shows that you were not to blame for the accident.
If you are not found to be at fault, your insurance rates may not increase. However, there are other considerations to make. If your accident also includes other claims, your insurance premium may increase.
Each hit and run situation will be taken individually and will be dealt with accordingly by your insurance company. Additionally, a claim involving your accidents benefits coverage won’t affect your renewal premium.
The Cost of a Hit and Run
Insurance coverages such as collision and comprehensive insurance are not required in Ontario but can be useful. An insurance company can bundle coverages to make it more affordable to have the coverage need.