An insurance company has no authority to amend your rates mid-term
. Rate increase must happen after you renew your contract. If several months pass between the accident and the corresponding rate will increase, you will have more time to find a cheaper insurance company. The only disadvantage is when the new company doesn't discover your accident. They can even amend your rate later if you hide your accident. The rule is, be honest with your new company if you are shopping because of your pending cancellation.