1. No Increase: Depending on your insurance provider's policy, they may not consider a parking lot hit and run accident as a fault-based incident. Some companies handle these situations under comprehensive coverage, which means your premium might remain unaffected.
2. Minor Increase: If the damage is minimal and deemed your fault, your insurance company may apply a small surcharge to your premium upon policy renewal. This surcharge, sometimes known as an experience rating surcharge, typically reverts to the previous rate after a claim-free period of three to five years.
3. Moderate Increase: When the repair costs are relatively high but under a certain threshold set by your insurer, a moderate increase in the premium might apply. The threshold for moderate increases varies among providers.
4. Significant Increase: In circumstances where the costs involved exceed a predetermined, higher threshold or if multiple claims occur within a specific time frame, more significant premium increases may be applied to your policy.
Note that insurance companies assess risks using criteria beyond claim history, including driving history, location, vehicle type, annual mileage, and more. It's recommended to contact your insurance agent or company directly to understand the potential impact on your premium and any surcharges that might apply based on your specific circumstances and insurance policy.
