I allowed my friend to borrow my car and he got in a car accident. The police reported minor accident with minimal damages. Today, I was served with a summons with my name and the drivers. From what I researched so far, my insurance will cover costs of the settlement and attorney representation. Depending on the amount of damages the defendant seeks, if my insurance does not cover the total amount asked, his insurance will cover the difference. I'm thinking there is no way everything in this case will be free to me when my insurance company is paying for everything. Will my car insurance premiums go up? What are the after affects on my situation after this suit is settled?
It depends on your insurance company. It may impact your rates. If it does, shop around for a good deal. That said, be careful who use because as you are finding out, you need insurance to do its job and not all companies are equal. I always recommend getting the most insurance you can afford and be sure to include under and uninsured motorist coverage.
This response is not intended to act as legal advice. I am not licensed to practice law in any state other than the State of Illinois. No attorney-client relationship is formed until you sign an attorney-client agreement with my office.
I agree with my colleague. Whether your insurance rates go up after an accident depends on many factors, like the terms of your insurance policy, length of coverage with the insurer, etc. If your rates go up because of your recent claim you can always shop around. In fact most people should shop their insurance coverage before every renewal period to make sure their current insurer 's rates are competitive.
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Insurance companies have everything systemized. The accident will show up in the system and underwriting will make a determination as to your premiums upon your next renewal. You may consider switching companies if your rates increase. It is important that you maintain coverage until you switch to another company. You could pay higher rates if there is a lapse in your insurance coverage for any period of time.
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