Can a Truck Accident Affect My Insurance Premium?

If you get involved in an accident with a large truck in Colorado, you may wonder if your own car insurance rates will go up. The answer to this will depend on your insurance company, your specific circumstances and whether or not you are at fault. You may be able to avoid an insurance premium increase with help from a Denver truck accident attorney.

If You Were At Fault

Colorado is a fault state, which means the party at fault for a truck accident will be responsible for paying for the victim’s losses (medical bills and property repairs). All drivers, including truck drivers, must carry minimum amounts of liability insurance to pay for accidents they cause. Under this tort system, an at-fault accident can raise your car insurance rates.

If you are responsible for the truck accident, either fully or partially, your insurance company may choose to hike up your premium to make up for the money it had to spend reversing the victim’s damages. The amount of the rate increase (and how long it will last) will depend on the severity of the truck accident, the amount of damage inflicted and your policy.

Even if the truck driver or another party was mostly responsible for the truck accident, a small amount of fault allocated to you could negatively impact your insurance rates. Your insurer may choose to raise your premium by 45 percent or more, depending on the scenario. An increased insurance premium can last for several years.

If You Were Not At Fault

If an investigation finds that you were not at fault for the truck accident in Denver, or if your truck accident lawyer can prove that the other party is to blame, this can protect you from insurance premium increases. Colorado has a special law addressing this issue: Colorado Revised Statutes Title 10. Insurance § 10-4-628.

Under this law, no insurer shall increase the premium for an accident that is not the fault of the insured. Therefore, if you can prove using evidence that the truck driver or trucking company caused the accident, you can prevent an insurance premium increase and maintain your policy at your pre-crash rates.

Note, however, that your insurance company may choose to raise your rates if you have had to file multiple claims in the past. This is true even if the accidents were not your fault. The insurer may classify you as a “high-risk driver” due to your number of claims or if you live in an area where accidents are common. This can be enough to increase your insurance rate.

How to Deal With an Insurance Company After a Truck Accident

Be careful when discussing your truck accident with an insurance provider in Colorado. Unfortunately, an insurer will not want to maximize your payout for a claim. It will do what it can to lower your settlement and protect its own profits. This may include unfairly increasing your premium.

If your insurance costs were raised after a truck accident that was not your fault in violation of § 10-4-628, you have the right to protest the increase. With help from an attorney, you can contact your insurer to determine the reason behind the increase and dispute the proposed action.

A lawyer can help you request a hearing with the Insurance Commissioner, if necessary, and file a complaint against your insurer with the Colorado Division of Insurance. A successful case could result in financial compensation being awarded to you.

To discuss a specific truck accident claim with an attorney in Denver, contact Fang Accident Lawyers for a free case evaluation.