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Lowering Your Insurance Premium After Causing An Accident

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You just caused an accident and after you’ve the accessed the damage, you think about your rates going up. It’s the second worse pain to any bodily injury you may have sustained in the wreck. Many Americans every year, watch their rates go up due to an accident that they caused.


Most auto insurance companies will raise your insurance premium somewhere between 20 and 40 percent after you’ve been involved in an accident.  It doesn’t seem like much but over time it can be quite substantial.  For this reason it’s important to find ways to lower your premium after an accident.  Here are some tips to help you keep your premium low.


Tip #1


You should start checking out other auto insurance companies.  This doesn’t mean you should drop your present insurance company. Insurance companies are competitive and their policies for coverage varies.  What one company may penalize you for, won’t be a factor with another. 


You can also then talk with your car insurance company, and ask them if they have a program to lower your rate, or if they have any tips to lower rates after you caused an accident.  Since they don’t want to lose your business, they most likely will have some suggestions.  If one of the other companies you’ve contacted has a better offer mention this to the representative.  In many cases your provider will do some adjustments to your policy.  If they don’t, consider going with the other company.


Tip #2


Whether you choose to stay with your current auto insurance company or choose to go with a new one, one of the other ways to lower your premium is to consider changing your deductible.  By choosing a higher deductible, most all insurance companies offer a lower premium.  Now of course this will make you more vulnerable if you’re involved in another accident, but by doubling your deductible, your rate will be lower.


Tip #3


Another one of the tips to lower rates after you caused an accident is to take an accredited driver safety course.  Most companies will lower premiums if you take this course. The courses vary by state. These courses can really help you become a safer driver.


Tip #4


Another way to lower your premium is to consider adding another vehicle to your policy.  Most companies offer a multi-vehicle discount, which can lower your overall premium.


If you implement these tips to lower rates after you caused an accident, you can see some significant savings.  It’s going to take investigative work on your part and some time, but it can be rewarding.

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