If I go to a new home or car company and file a claim, will I be dropped or have my rates go up?

You're right to think your clean claims history is valuable, but it will help you get good home and car insurance rates no matter what company you choose. If you file a big claim, it could affect your rates even if you've been with your insurer a long time. A rate increase depends on the type of claim you make. Some companies offer a discount for being a longtime customer, which you would lose by changing companies (if you get such a discount).

Car insurance companies add a surcharge to your premium at renewal after you cause an accident and make a claim, but the amount varies from one company to the next, and even when surcharge schedules are available, they're difficult to read and interpret.

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Agents are sometimes reluctant to divulge how one accident could impact your premiums, but it's a good question to ask. A policy might look like a bargain at first glance, but end up being more expensive than other policies when rates could skyrocket after just one claim.

Some insurers forgive the first at-fault accident, letting you get by without a premium hike, particularly if you've had a clean driving record for a certain number of years. The surcharge isn't added for an accident caused by a new driver because young drivers are already surcharged for being inexperienced.

Fortunately, the surcharge on car insurance rates doesn't last forever. Ask your insurer how long the surcharge will last. Here's more about how much your car insurance rates can go up after an accident.