Just got into an accident and I’m at fault

[godisveryreal]

I just got into an accident. I have one way insurance. Damage isn’t that much but how much approximately would my insurance increase from this? I’m paying 270$ insurance now

 

[sovereignone]

@godisveryreal No one can predict this, not even your insurer, as other factors can and will affect your rates at renewal. You also don’t give us much to go on, such as province, how long you’ve been driving, whether you were ticketed in conjunction with the accident, etc.

But an at-fault accident has a good chance of increasing your rates by 20-30%. That’s as best as anyone could guess.

 

[godisveryreal]

@sovereignone When you say at renewal would that be the next month or after my policy ends and is renewed?

 

[sovereignone]

@godisveryreal Your policy doesn’t end and then renew. It just renews (unless you request otherwise or have done something to warrant them not renewing you.) The claim would affect you at the next yearly renewal date.

 

[godisveryreal]

@sovereignone I’m still unsure, I signed a year contract, would it be after this year contract ends and renews?

 

[sovereignone]

@godisveryreal Property and casualty insurance (like home and auto) is almost always issued issued a year at a time. But to be clear you didn’t sign for just a year. You agreed to a policy that has a one year term and automatically renews until either party ends the agreement. I have to be clear because a lot of people seem to think insurance doesn’t renew unless they request it.

So yes, if you are in the middle of your first year/term, the claim will not effect you until it renews into your second year/term.