how much will premiums increase after an at-fault accident?

[maxgohan]

buddy is trying to figure out if he should go through insurance or pay out of pocket

he's with statefarm I think

obviously no one can know exactly how much but we're looking for a ballpark %

his premiums are around $2000/year currently for a middleweight supersport

thanks for the help

 

[Macs]

I believe it's 30%

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[Akad3m1kz]

you also have to factor in that he will have it on his record for 6 years. on another note how much was the damage he was involved in?

 

[peterm15]

How much would out of pocket be aprox?

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[drumstyx]

Depends on how much the premiums are already. When I had my G2, I had an at-fault. Insurance was already so high, it only bumped my rates like 240/year

 

[maxgohan]

ok damage is not worth a 30% price hike over the next 6 years, thanks for pointing that out

 

[Akad3m1kz]

yeah then better to deal with it privately

 

[DemonPig]

Make sure your buddy gets some sort of a document signed by the other party, finalizing the proceedings and absolving him from any future demands. That is not 100% proof but stops most people from dicking around after they've been paid already.

 

[maxgohan]

No other parties were involved. He just layed it down on a lowside

 

[R6EXY]

Therefore insurance should never find out.

Swallow pride, move on.

/thread

 

[Hayabusarider]

$3600 @ 30% over 6 yrs! + deductible, cheaper to fix and move on.

 

[VifferFun]

You can't just say it is a 30% increase . . . it depends on many factors! While the claim may be on record for 6 years, in contrast to auto insurance rating algorithms, most motorcycle insurance rating algorithms only consider claims in the past three years. Your Driving Record (or star rating, whatever you want to call it) usually maxes out at 3 (meaning three years without an at-fault claim). You are charged a different premium based on the number of years claims free: 0, 1, 2, 3+. If your buddy has only been riding a year, he would only be dropping from DR1 to DR0, and he would be back to DR1 within a year; however, if he has been riding a while he might drop from DR3+ to DR0, and it would take a few years to return to DR3+. The increase in premium and the amount of time to recover depends on the severity of your drop in Driving Record.

I'm not sure what Driving Record State Farm uses, but just want to make it clear that it's not as simple as a "30% increase" for an at-fault claim.