When you file a claim for an accident, your car insurance prices might increase by more than £180.
According to new statistics, car insurance costs will climb by an average of £184 when drivers file a claim on their coverage.
According to research from Compare the Market, if a driver has made an insurance claim in the previous year, annual prices climb to £844. These amounts are significantly higher than the average £660 premium a driver would face if they haven’t made a claim under their contract.
Any claim on your policy, according to Dan Hutson, Head of Motor Insurance at Compare the Market, might be “expensive.”
“Motorists must exercise caution if they intend to drive more frequently now that travel limitations have been lifted,” he stated.
“Our data demonstrates how expensive it might be to renew your car insurance after a recent claim.
“Whether or not an accident was your fault, filing a claim will almost always result in an increase in your premium when you renew your policy.
“If you have filed a claim, the easiest method to reduce the impact on your premium is to shop around for a better price when your policy expires.”
According to Compare the Market, the additional cost of filing a claim will normally decrease each year that a driver does not file any new claims.
After one or two years, drivers are anticipated to spend only £705 per year for insurance.
However, for people who have never been in an accident, there is still an increase of roughly £45 over the base rate.
According to the group’s data, claims have increased marginally, implying that expenses will climb for more road users.
According to the data, there has been a 39 percent increase in this Spring compared to the previous Winter.
Drivers should be aware that they do not have to file a claim for every accident they are involved in, according to Compare the Market.
They do, however, state that drivers must notify their insurance company if they are involved in a collision, even if no claim is filed.
It’s Kwik Fits’ Midsommer Madness promotion, which means you can save 10% on your MOT Test with the UK’s #1 MOT tester if you book online.
Insurers may “refuse to honour” a policy or invalidate coverage if they discover your automobile was damaged and you didn’t notify them, according to Mr Hutson.
“If you’ve been in an accident, you don’t have to file a claim on your insurance,” Mr Hutson added.
“However, you must notify your insurer of the incident,” according to Brinkwire Summary News.