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Car Accidents Cause Insurance Premium to Skyrocket

 Posted on December 00, 0000 in Car Accidents

Illinois personal injury attorney, Illinois car accident attorney, Illinois wrongful death lawyer,It is no secret that car accidents are extremely expensive, for all parties involved, especially if someone is killed. According to AAA, the average cost of a single motor vehicle fatality is $6 million, when accounting for property damage, lost household production, medical costs, and highway delays. Accidents that resulted in serious injury averaged $126,000. In 2011, car accidents accounted for nearly $3 billion in urbanized areas alone, more than three times the cost of traffic delays in the same time period. This number was a vast increase from 2005, the last time that statistics were compiled, when the average cost of a single traffic fatality amounted to almost half that, $3.24 million. The average cost of a car accident that resulted in a serious injury came to significantly less as well, $68,170.

One reason that car accidents are so costly, of course, is the insurance claims. According to the Insurance Research Council, the average collision claim in 2012 was nearly $3,000, while the average liability claim for bodily injury was nearly $15,000. This is bad news for drivers. According to a recent report, filing any auto insurance claim of $2,000 or more now results in a driver’s insurance premium being increased by 41 percent on national average. Bodily injury claims can increase a premium payment by as much as 45 percent.

The average car insurance premium in the U.S. is $815. This means that if a driver has an accident, he or she is facing an additional $330 annually in his or her premium payment. One analyst noted that many drivers are unaware that making an insurance claim will affect their finances for years to come. If a driver makes a second insurance claim, his or her premium will skyrocket a whopping 93 percent by national average.

If you or someone you know has questions after a car accident, whether or not you were the one at fault, the most important step is to seek legal counsel. Do not go through it alone. Contact an experienced Chicago car accident attorney today.

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