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Will my car insurance rates go up after my first fender bender?

I'm sixteen years old and i got into my first fender bender. I was at fault, but the officer at the scene said that the damage was minor and would probably be less than 400 dollars. However, I was just wondering if my parent's insurance rate would go up ( I'm under their name) and whether or not it would just be easier to pay out of pocket. And if it did go up, how much do you think ( i live in Tennessee )

Public Comments

1. You would be better off paying out of pocket at that small amount. Rates will go up.
2. not likely but it depends on the company
3. Because you're a member of the group that gets into the most accidents (teenagers) your insurance will most likely go up, but probably not by much.
4. small world, i live in tennessee too, anyway, go get an estimate at a body shop first, then if the damage really is as low as you say, it would be best to just pay out of pocket on this one. your rates will probably go up 10 percent or so, if you turn the accident in. trust me, those accidents show up on insurance forms at the worst times in life, especially if you continue to have more accidents
5. Hi, Your parents insurance will increase if you claim it. I would take care of it out of pocket so that it's not permanently on your parents history. I would also look at getting your own insurance policy. That way you don't have to worry about affecting your parents record and you can start building your own credit. There is a company that provides cheap rates even for young drivers. Check out the source I listed below. They might ever be cheaper than the difference in your parents policy. Good luck!
6. Most companies don't care about the dollar amount of the accident. Because you are a young, high risk driver, your parents insurance will go up somewhere in the ballpark of 33% for the next 3 years. You will be better off paying for it out of pocket. BTW: if you got a ticket for the accident, it will show up on your MVR record. When the insurance company re-runs your record (usually when the policy renews) they will see the accident and charge you extra even if you didn't use them to pay. The good news is it sounds like no one was injured.
7. Your insurance rate will go up approximately 15% on your liability and collision premiums. Not the entire premium that you pay....just those mentioned above. You will probably get a "warning" letter from your company telling you any more accidents or tickets will land you on a very expensive policy all by yourself. So, slow down, be careful, pay cheap premiums....best of luck to ya!