Insurers are generally prohibited from refusing to issue a policy or increasing the policy premium for traffic accidents, traffic violations, or claims that are more than three years old. The only time your car insurance should increase after a hit and run in Maryland is if you are at fault and identified. Victims who aren't at fault for an accident don't have to worry about their premiums rising after a hit and run. However, these types of accidents can affect victims financially in other ways if they cannot recover compensatory damages.
An attorney can help victims of car accidents in Maryland locate a negligent driver and recover damages through an insurance claim or lawsuit. Maryland insurance companies have at least 30 business days to recognize a claim and decide whether or not to pay it. Maryland does not have a specific time frame in which the final payment must be made. While Maryland is an at-fault state, it doesn't hurt to contact your own insurance after a hit and run accident.
If you file multiple claims within a specific time period, your car insurance rate will increase more with each additional claim. Therefore, you can lower your annual auto insurance premium by increasing your deductible after an at-fault car accident. Therefore, insurance companies assume greater costs and additional risks in insuring at-fault and new drivers, compared to drivers who have a clean record. For your own insurance, expect your car insurance premium to increase by 21.5% after the accident.
In general, Maryland is reported to have one of the lowest increases in premiums after a car accident. Most auto insurance companies try to resolve accident claims as quickly as possible, which usually results in being paid within one month of filing the claim. If that's the case, your insurance premiums probably won't increase, since you didn't cause the accident and it's not a risk to insure you. Generally, your car insurance rates will decrease over time, as long as you're not involved in another at-fault accident.
Bodily injury claims are the ones that take the longest to resolve because there are several parties involved, such as your doctor, the auto insurance company, and your health insurance provider. Because of the financial impact, it's important to know if your auto insurance will increase or not after a hit and run in Maryland. For more information, see WalletHub's guides on no-fault insurance and the cheapest car insurance in Maryland. Car insurance data includes coverage analysis and details about drivers' vehicles, driving records, and demographic information.