Is it bad to switch insurances 3 months after an accident?And b4 ur policy expires?
Is it bad to switch insurances 3 months after an accident?And b4 ur policy expires?
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I changed insurances right after my accident (I shared insurance with my mom). It did not negatively impact me in any way.
hi,
I am a licensed insurance agent, and really the only impact that you will see is that your new carrier will charge you for the accident. Depending on the company, they will surcharge you from 3-5 years. for Instance company P charges you for incidents for 36 months, anything beyond that is not chargable. It will be on your record, but the insurance company wont charge you for it. Now, if the accident was not at fault, or just a small amount paid, it will have less impact than an at fault.
before you agree to the policy make sure that their system is charging you for the accident, otherwise it will come as a nasty surprise later when the rate goes up.
I say if its a good rate, then go ahead and switch, just keep in mind that you should try very hard to avoid any new incidents, because to much activity will get you canceled, or significantly raise your premiums.
Accidents follow you for 5 years whether at fault or not at fault. Tickets follow you for 3 years. Also, it depends how long you had active insurance and how much coverage limits you had for a specific period of time no matter how long you were with a particular company as long as you can prove continuous coverage at those limits and time length.
Some companies will still count accidents not at your fault as accidents against you. If you shop, be honest about the accident, all other accidents, and any tickets cited to you for you to get the best rated quote. Otherwise, you will get a low-rated quote that is not representing accuracy.
After you have decided on accepting a policy, the first thing they run is your Motor Vehicle Record (MVR) and your Claims History. Some companies even observe credit history. So you can “hide” the accident at time of quote, but it is found out at time of policy which could dramatically change from the quote offer.
I have had some people with minor prior citations and one accident, sometimes still come in lower than their current company because they could prove continuous insurance and limit coverage of the last 2 years. Time and coverage limits requirements vary among companies
Of course the goal is to avoid any form of future accidents and tickets to the best of your ability.
Good luck and safe driving!
What does “bad” mean?
All that happens, is that your current policy is subject to a short rate cancellation penalty, possibly a cancellation fee, and any surcharge for the accident hits your wallet sooner.