Whether you want it to or not, submitting a claim can have an effect on your insurance. The coverage is there to give you peace of mind after significant damage to a home or loss of a vehicle. The effects that such a thing can have may differ based on what insurance is being looked at.
Something many people tend to overlook or not think about is what happens on your insurance if someone borrows your car. When you allow another driver to borrow your car that also applies to your insurance. If a collision happens, or any other mishap, it will be your insurance that is affected. You don’t have to be the one who was driving, or even in the car, for this to hurt your driving record. Events such as this and accidents where you are behind the wheel will have an impact on your insurance rate. If you’re not at fault in anyway, that can make a difference. Otherwise, being partially at fault can cause more problems in the long run. An insurer may potentially deny your coverage if they believe you to be a high risk driver. Having claims on your record makes you seem more uncertain than someone with a clean record. If you live in a home with a driver that falls into this category, it can also impact your eligibility.
As with vehicles, your home insurance could be a similar case with regards to having a claim on record. You might be looking for a different insurance company at some point. Some companies may deny coverage based on your past claims, or you may have to pay a lot for whatever coverage you can get. You could potentially see that increase on your current insurance when it comes time for renewal. There could be an increase on your premium on the chance that you don’t already have first-claim forgiveness. You could also lose any deductions you may have had for having no claims at the time that you bought the home and insurance.
Though they are very different, having claims on your auto or home insurance can have similar effects. Though it will require having many various claims before those effects become severe. Your coverage will still be there to protect you when needed.
