Winter months bring not only chilly weather and festive cheer but also increased risks on the road. Icy roads, snowfall, and poor visibility can significantly raise the likelihood of accidents. If you are involved in a winter accident, one of your first concerns might be: How will this affect my insurance premium?
Winter months bring not only chilly weather and festive cheer but also increased risks on the road. Icy roads, snowfall, and poor visibility can significantly raise the likelihood of accidents. If you are involved in a winter accident, one of your first concerns might be: How will this affect my insurance premium?
Will my premium increase after a winter accident?
Whether your premium increases after an accident largely depends on who is deemed responsible. If you are at fault for the accident, it's likely that your insurance premium will rise. This increase is generally applied when you renew your policy the following year.
However, if the other party is clearly at fault, or if the accident is caused by external factors beyond your control (such as black ice), your insurer may decide not to raise your premium. That said, each insurance company has its own policies, so it’s important to check the specifics of your contract.
Comprehensive vs. liability coverage
Your insurance type will also play a role in how an accident impacts your premium. If you have only basic liability coverage, your insurance will cover damage to the other party, but your own vehicle repair costs will come out of your pocket unless the other driver is at fault.
If you have comprehensive coverage, it will cover damages to your own vehicle, regardless of fault. However, even with comprehensive coverage, your premium may still rise after an accident depending on the extent of the claim.
No-claims bonus
One of the major factors in determining whether your premium will increase is the no-claims bonus (NCB). This is a discount insurers offer to drivers who have not made any claims for a certain period. If you have an accident and make a claim, you may lose part or all of your NCB, which in turn increases your premium.
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