Will An Accident Increase My Monthly Car Insurance Cost?

November 8, 2010

Monthly car insurance cost can be a more manageable way of paying your car insurance, which is usually renewed annually or bi-annually. At the point of renewal, you have a choice between an annual payment or regular monthly payments. If your policy does not end until June and you have an accident in March, then your monthly costs are unlikely to increase. Unless you buy a replacement car that is more expensive to insure. However, once your policy comes to an end and you have to renew, this is when your monthly car insurance costs will increase. Partly as a result of claims and partly because you are now classified as a higher risk driver than before your accident.