How Much Does Your Insurance Go Up After Accident – Being involved in a car accident can be a physically and emotionally traumatizing event. In addition to this large tax, it can also harm your finances. This is because a car accident is not a cheap event – you will have to pay for medical care, car repairs, potential legal fees and other miscellaneous expenses. Additionally, your car accident may result in your insurance claim being denied or you may have to pay higher premiums when you renew your auto insurance policy. Below, we’ve listed how an accident can affect you, from your medical care to your insurance policy—and what you can do about it.
While the open road in Singapore is becoming safer, there is still the risk of a traffic accident. If this happens, you must follow a specific protocol to avoid problems with the law and your insurance company.
How Much Does Your Insurance Go Up After Accident
You must first call the emergency services, your insurance company and exchange information with the other driver. Second, take photos of the scene, such as any vehicle damage, license plates, skid marks, lane markings, debris, and provide dash cam footage. If there are victims or people who need medical attention, you should call an ambulance or the police and be careful not to move bodies, injured people or vehicles. If you’re the one injured, you’ll need to stay at the scene and prepare to file a medical claim with your health or auto insurance company (provided they offer personal accident or medical benefits). All claims must be made within 24 hours of the incident.
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If you have a comprehensive car insurance policy, you should have coverage for personal accidents and medical expenses. This can be very beneficial as medical costs after a car accident can be high, ranging from around a thousand dollars for minor injuries to tens of thousands of dollars for serious conditions such as brain injuries. As medical expenses benefits are usually up to a certain limit, they can be used to fill gaps in coverage left by your health insurer or MediShield Life.
Personal accident cover is slightly different and will pay out depending on the severity of your accident. For example, you will receive 100% compensation if you lose sight in both eyes permanently, but 50% compensation if you lose sight in only one eye. Making a claim under any of these benefits will not affect your NCD.
Depending on the type of accident you are involved in, you may have to pay an excess (an out-of-pocket expense you must pay before the insurance company covers the rest of the claim) or your claim may be denied. Each circumstance will be assessed on a case-by-case basis, so even for minor accidents it is usually better to file a claim than to settle privately. However, if you settle your claim privately, make sure you submit a private claims settlement form to your insurer. In most private settlement cases this will not affect your NCD.
That being said, there are some cases where your claim will be denied outright. For example, if you are found to be under the influence of drugs or alcohol, your claim will be denied. Similarly, your claim will be refused if your car was found to be unroadworthy, if your car accident was caused by you committing a crime or if you were negligent.
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To give your claim the best chance of success, remember to read your policy document carefully, provide all your documents and include support where appropriate (ie an accident plan or pictures of the accident). If your claim has been refused and you want to appeal the decision, you must first understand why your claim was refused. If the reason for this is lack of evidence, you can complain directly to the insurance company. If your claim continues to be rejected, or if it is not due to a lack of evidence, you may need to complain to the Financial Industry Dispute Resolution Centre.
If the car accident was your fault, your premiums may increase when you renew your policy. This also applies if you only damage your car, such as hitting a fire hydrant. In addition, your No Claims Discount (NCD) may also fall, reducing the discount you enjoyed on your premiums. That being said, your car insurance premiums will not usually go up if the accident was not your fault, in situations where your car broke down and you needed roadside assistance, or if your windscreen was damaged.
If you make a fault claim after an accident, your annual premiums can go up from S$24 to S$300, depending on which car insurance you have. Additionally, if you have two at-fault claims, you could see a jump of S$1,000 or more in your annual premiums and your NCD could drop back to zero.
If you’ve been a safe driver all your life and want to protect your hard-earned premium discounts, you should consider adding NCD Protector benefits the next time you renew your car insurance policy. For example, DirectAsia’s NCD Protector will “protect” this discount even if you get into an accident where you are at fault (unless you were under the influence of drugs or alcohol). In any case, check the wording of your car insurance policy to know the extent to which your discount will be protected.
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Without NCD Protector, you would lose your at-fault accident discount. This means that you would have to go years without any accidents to reach the previous discount levels. A small additional cost of S$100-150 on your annual premium can end up saving you hundreds of dollars on your premium when you renew your policy in the year after you’ve had an accident. So this feature can be a saving grace for drivers who have spent years practicing safe driving, only to be involved in an accident that is determined to be their fault.
Car accidents can happen and at the end of the day the most important thing is to get well. While it is impossible to prevent accidents, the best thing you can do to reduce the risk is to be a safe driver. Not only will driving safely reduce your chances of dealing with expensive accident-related medical problems, but you’ll save money every day in countless ways, from saving on gas to paying lower insurance premiums and enjoying insurance discounts.
Anya is a research analyst focusing on loans and investments in Singapore. Prior to this, she assisted global advisors, hedge funds and private equity with primary research at a fast-growing fin-tech firm based in London. A graduate of the University of Oxford and King’s College London, Anya is currently interested in using quantitative research to help consumers make better financial decisions.
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We strive to have the most up-to-date information on our website, but consumers should check with the appropriate financial institution if they have any questions, including eligibility to purchase financial products. shall not be construed to in any way involve or participate in the distribution or sale of any financial product or the assumption of any risk or responsibility in relation to any financial product. The Site does not review or include all companies or all available products. Did you just get your ticket? Many drivers wonder how tickets affect insurance rates. The myth that your auto insurance rate will skyrocket if you get a ticket is widespread, but that’s not always the case.
Getting a minor ticket when you have a clean record is unlikely to significantly increase your auto insurance rate. In fact, your price may not go up at all, especially if you buy your coverage before you get your ticket. Once you get your ticket, taking a driving course and maintaining good credit can also help you keep your rate low. Ultimately, how much your rate will increase depends on the type and severity of your driving offense.
When most drivers think about the possible factors that could increase their auto insurance rate, speeding tickets are some of the first things that come to mind. The short answer is: it depends. Although a speeding ticket could increase your auto insurance rate, it may not affect your rate at all. Whether this will affect your rate depends on how your insurance provider and state act
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