Hit and run accidents turn out to be frustrating if you happen to be the victim. In most instances, you have no witnesses to support you, and the offending driver flees the crash site. Whether you keep your car in a parking lot or by the roadside, you will end up paying the deductible. However, with the right insurance coverage, you can mitigate your losses by drawing your line of defense against unforeseen incidents.
This article talks in length about how parked car hit and run insurance works. Besides, we have recommended the right kind of coverage that will cover your parked car against hit and run cases.
Reach out to the reputed car insurance brokerage, Surex, by clicking https://www.surex.com/Insurance/auto-car/calgary to find the best quotes.
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Will a basic car insurance policy cover hit and run accidents?
No, a basic insurance policy won’t protect your car against hit and run cases. Any type of hit and run accident involves a collision, after which the offending driver flees.
So, you need a collision insurance policy to protect your car against offending drivers.
Even when you have collision coverage, the insurer would require you to pay the deductible at the outset. You can get the remaining amount compensated for. This is because insurers cannot identify the offending drivers in most cases. Therefore, they cannot obtain monetary compensation from their policies. Once you pay the deductible, your collision insurance policy will bail you out.
Unless you have a collision coverage policy, you must shell out the entire repair costs from your pocket.
Will your premium increase after a hit and run car accident?
Fortunately, your insurer won’t increase the premium if you file a claim from your hit and run insurance for a parked car. The purpose of collision coverage is to protect your car from these instances. So, as long as you are not at fault, you need not worry about a spike in premiums. For instance, if you keep your car in a parking zone, and an offending driver leaves the site after hitting it, the incident won’t affect your premium.
However, owners need to report the incident to the police as well as their insurer at the earliest. Otherwise, the insurer might increase your premium. In provinces like Ontario, you get seven days to file the claim. Given that hit and run cases count as a crime, make sure to reach out to the law enforcement department within 24 hours. The police might recommend you visit a collision reporting zone.
If you are the victim, you need not hide the fact. Insurers expect the truth regardless of who is at fault. In case you withhold facts, you might end up with your policy getting canceled.
What happens if you flee after hitting a car?
Being the at-fault driver of a hit and run case, you should acknowledge your crime. Reach out to your insurer and the police and confess the same. Under severe conditions, you may face fines or imprisonment. However, if you are at fault in a hit and run case, you should expect your premium to increase.
Your insurer will perceive you as a high-risk driver. Your existing insurer might even cancel your policy if you turn out to be a heavy liability for them. Under such adverse circumstances, you should contact your insurance broker for affordable quotes.
Also, you may end up injuring or killing pedestrians during the collision. When you leave the accident site, you are breaking the law. In these cases, your insurer would not compensate you for the legal charges. The record of your crime remains on the insurance for up to 7 years. So, be prepared to shell out high premiums.
How do hit and run accidents impact your insurance
Based on specific circumstances, your insurer will likely make decisions related to your policy.
If you fail to identify the offending driver, your insurer will deal with the case under your collision coverage. In this case, you will be paying the deductible.
If you know the offending driver, your case will be considered under DCPD (Direct Compensation Property Damage). In this instance, you need not pay any deductible. The at-fault driver would be shelling out a part of your compensation.
You can also benefit from the uninsured motorist coverage if the offending motorist doesn’t have any insurance coverage.
What should you do after a hit and run accident?
Dealing with a hit and run accident is never easy. Here are some guidelines that will ease up the claiming process for you.
If you are close to your parked car, try to capture the model, make, and license plate of the vehicle.
Take pictures of the damaged parts of your car and the site of the collision.
Request witnesses to support you when you talk to the police.
Look out for CCTV cameras around the place that should help you identify the offender.
After reporting the incident to the police, contact your insurance broker, who would help you inform the insurer and file a claim.
Once you furnish these details, the law enforcement department will find tracking the offender easier. It’s imperative to prove that you aren’t at fault, which will save you from a spike in insurance premiums. While talking to the police, take down the officer’s badge ID, name, and contact details. Your insurance company might want to contact the police officer to validate your claims.
How does parked car hit and run insurance work? — Endnote
We have explained how parked car hit and run insurance works. To remain financially secure after a hit and run accident, make sure to have adequate collision coverage in your automobile insurance policy. Having only third-party liability coverage wouldn’t save you from incurring repair costs.
Besides, inform the police as well as your insurer about the mishap at the earliest. Reputed insurance brokers can help you file your claim. Working closely with these advisors, you can be strategic while choosing your insurance policy.