The repercussions of being in an accident can be widespread and linger for years, impacting your physical health, mental well-being, and financial state.

Insurance premium increases often are one of the unfortunate side effects. But, whether your rates will go up―and how much they do―following an accident depends on a variety of factors including your driving record, claims history, insurance carrier, accident severity, and circumstances of the accident.

Top Driving Record

Simply put, the worse your driving history, the riskier you become to your insurer. If your driving record is littered with speeding violations and other serious moving infractions, insurers might already consider you a poor risk. Adding an accident on top of this could make you even less attractive to your insurer, and might raise the odds your premiums will spike.

Top Claims History

The more claims you've made on your policy, even if for relatively minor issues like replacing a cracked windshield or repairing a small dent, the more likely you'll see a rate hike after filing an accident claim.

Top Insurance Company

Carriers approach accident claims differently. Some will automatically raise your premiums after your first claim, even if you've had a spotless driving record, a clean claims history, and weren't at fault in the accident.

Others take a more tolerant approach, and may weigh all those factors before deciding to increase your premiums. And, if they are raised, the increase might be minor.

Some companies even offer an accident forgiveness policy, which means your rates won't go up at all following an accident. While the names and the terms of these policies vary with the provider, they basically give customers with long, safe driving histories a break when it comes to their first accident claim―or two.

These drivers present a solid risk profile to insurers, which means carriers have more incentive to keep them as customers, and not alienate them by smacking them with a premium rate increase.