Car insurance rates vary greatly based on the age of the car and driving history. But if you’ve recently been involved in an accident and filed a claim, you can expect to pay more on your auto insurance premium. That’s because your insurer considers you a higher risk, and they charge you some fees when you file a claim, which they include in your new premium rate.
Getting in a car accident can put a massive dent in your wallet. Fortunately, there are ways you can save on your insurance premium even after an accident. This is also a great time to look for a cheaper car insurance quote than your current insurer’s renewal quote. Here are a few ways you can lower car insurance costs after an accident, whether or not you’re at fault:
1. Improve Your Credit Score
In most states, auto insurance providers check a driver’s credit history when determining car insurance rates they’ll offer. Insurance companies consider drivers with higher credit scores less likely to file claims. And view drivers with bad credit as a higher risk, increasing their car insurance premiums significantly.
If you get into an accident and have bad credit, consider raising your credit score to increase your chances of qualifying for a cheaper policy from other insurers or your current provider. Great ways to boost your credit score include paying off outstanding debt, paying bills on time, and lowering your credit card balances.
2. Take Advantage of Insurance Discounts
Auto insurance companies offer different discounts to their clients. You may qualify for a discount if you’ve been a long-term client. Your insurer can give you a safe driving discount for accident-free driving in the last three or five years and even a discount for driving less than 10,000 miles a year.
If you’ve been making automatic payments or paying your yearly premium upfront in full, you could also qualify for a discount. Contact your insurer to find out what discounts they offer and the ones you qualify for. Applying for these discounts can help lower your insurance premium price after an accident.
3. Request Forgiveness from Your Auto Insurer
Some auto insurance companies offer forgiveness programs to help drivers involved in an accident avoid a premium rate increase. The conditions for forgiveness vary from one provider to another. Contact your insurer to know what your conditions are, so you can enroll in the program and prevent your premium from increasing. In most cases, your insurance provider may forgive you if it’s your first accident claim or you’ve been driving accident-free in the last three to five years.
If you’ve recently been involved in a car crash and worry that your insurance premium will increase, implementing the above tips can help get your rate down and save money. If you decide to seek coverage elsewhere, compare insurance rates of different providers to ensure you get the best deal possible.
Choose a financially stable insurance company and one that’s known for providing excellent customer service. Seek recommendations from trusted friends and your state’s insurance department. Other ways to lower your premiums after an accident include immediately notifying your insurer about the accident, raising your deductibles, and taking a driving class.
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Review Ways to Lower Car Insurance After an Accident.