Greensboro Auto Insurance: Rising Rates After an Accident

When it comes to auto insurance, there are three factors that are important in determining your rates:

• Repair costs – if your vehicle is an expensive model to repair, it will be more expensive to insure. 
• Your address – where you live and where you park your car can have a significant effect on your car insurance rates.
• Your driving record – the best way to keep your auto insurance costs in check is to maintain a clean driving record, with no moving violations, to not be involved in any car accidents and to make no vehicle insurance claims.

The Effects of an Accident

Most drivers realize that if they have an accident and make an insurance claim, their premium rates will increase. This is true for most insurance carriers, and the typical timetable for these increased rates is generally three years. During that time period your premium rates should slowly come back down to where they were before your accident, assuming there are no further accidents or claims against your coverage, and your driving record should also be expunged by the end of three years.

What's it Going to Cost?

A recent study reported on the Moneywatch website found that a driver involved in an accident and making one single claim of approximately $2,000 could expect his or her insurance rates to increase by a whopping 41%! Several factors will affect the actual amount of the rate increase, including your previous driving record, who is determined to be at fault for the accident and the severity of the damage and/or injuries. According to the study, those unfortunate enough to make two accident claims may see a price hike for their insurance coverage of as much as 93%.
If the accident is determined to not be your fault, there's a good chance you won't experience a price hike in your insurance premiums. The insurance coverage of the person found at fault for the accident in which you're involved should pay for damages, letting your insurance carrier off the hook.

State by State

The amount that your insurance premium will be increased after an accident is dependent on the state where your coverage was put in force. For some states, such as California or Massachusetts, a single insurance claim could translate into a rate increase of as much as 86%. The average increase in NC was found to be 58%.

Own a Small Business? Insurance is Vital

From the day a small business owner begins operations, he or she becomes exposed to certain risks that must be faced. Even before the first customer is served or the first transaction is conducted, it's vital that the proper small business insurance be put in place for the protection of the you, the owner, plus your employees and the business itself.

A single lawsuit or other catastrophic event could take out your small business before it's even had the chance to get off the ground, and if you're held liable for any significant loss it could negatively affect the rest of your life. Fortunately, there's a wide variety of insurance coverage options that offer you protection against the effects of these risks. Buying small business insurance protection should, therefore, be at the top of your to-do list when embarking on your small business enterprise.

What Exactly Do You Need?

You need property insurance to protect you from losses to your building that are caused by things such as fire, storms or vandalism. If you rent your building, you still need coverage to protect the equipment, stocks and supplies kept in the building in the event that something happens to damage or destroy them.

You also need general liability coverage to protect your interests in case someone, including an employee, becomes injured while on your property. Employees must also be covered by workman's compensation insurance in North Carolina if a business employs three or more employees, full- or part-time. You may also want to consider providing disability coverage to your employees.

How Much Liability Coverage Should You Have?

Although every small business is different from the next, the rule of thumb for general liability insurance here in NC is between $500,000 and one million. If you're operating a higher risk operation, such as one of the building trades, it's recommended you increase these limits. The same goes for businesses with a high customer interaction rate such as restaurants or retail sales. Even if you're running a small business out of your home you should have business insurance, keeping in mind that renter's or homeowner's insurance typically provides limited coverage for business liability and business losses.

Additional Coverage Options

In addition to property and liability insurance for your small business, additional optional coverage includes:

• Product liability insurance
• Company vehicle insurance
• Business interruption insurance

Check with your agent for details and coverage advice.

Understanding the Greensboro Auto Insurance Claims Process

It's important for individuals buying Greensboro auto insurance to:

• Read and fully understand your auto insurance policy as it relates to your specific coverage, rights and responsibilities. Any questions you have should be directed to your insurance representative for clarification.
• Learn what steps you need to take in the event of an accident or other loss regarding your vehicle. Don't wait until it's time to make a claim to learn what's required.

The following information may be helpful in educating you about the Greensboro auto insurance claims process.

To Claim or Not to Claim

The only time you may want to consider NOT filing a claim when your vehicle suffers some type of damage is when the amount of said damage is less than the amount of your deductible. Even if the cost of fixing the damage is only slightly more than the amount of your deductible, you may want to pay the difference out of your own pocket just to keep from having that minor insurance claim on your record.

When involved in a vehicle accident where there's an injury or property damage, you need to report it to your insurance agent or insurance company as soon as possible, regardless of who is deemed at fault. The limit most insurers put on reporting an incident is seven days, although it's best if you can contact your insurer immediately, even while at the scene. This not only lets them open your file right away, but also lets them guide you through the entire Greensboro auto insurance claims process.

Calling the Police

State law in North Carolina requires that drivers involved in a vehicle accident notify the appropriate law enforcement agency by the quickest means possible if:

1. There are injuries to anyone involved
2. Someone dies
3. Total property damage equals $500 or more

Even if none of the three above apply, it's a good idea to call the police so an accident report will be filed. When notifying your insurance company of your loss they will require certain information that you should have collected at the scene, including:

• Name of drivers and registered owners of other cars involved
• Insurance company name/policy number
• Full details of the accident, including date, time and location, extent of injuries, extent of vehicle damage, passengers involved, names and contact info on any witnesses, name and badge number of the investigating officer and your description of what occurred