While it’s going to be best for your financial situation if you can avoid getting into a car accident in the first place, having this happen doesn’t necessarily spell the end of you having affordable insurance anymore. With a little effort and sacrifice, you can still get the insurance coverage you want at a price you can handle even with an accident on your record. To show you how this is possible, here are three tips to help reduce your car insurance costs after you’ve had a car accident.
Consider Taking A Driving Class
If you show your insurance carrier that you’re sorry about the accident and are committed to making things right and being a safe driver in the future, you might be able to get your rates reduced at a quicker pace. To do this, Patty Lamberti, a contributor to Money Under 30, recommends taking a driving class. However, you should do this of your own accord, not because your insurance carrier requires it. If you do complete this course, tell your insurance provider about it when it’s time for you to renew your policy to see if they’re willing to cut you a deal on your costs.
Get A New Insurance Carrier
Depending on the extent of your accident and what issues with the law it presented, you might have better luck financially if you choose to go with a new insurance carrier in the future. According to Alex Glenn, a contributor to NerdWallet, different insurance companies will increase your prices at different rates when you get in a car accident. So if you’re currently getting your policy through a company that plans to increase rates dramatically after a car accident, you might want to consider switching to one that doesn’t bump up your monthly or yearly costs quite as much.
Replace Your Car With Something Safer
If your car was totaled, or if you simply want to get a new car now that your car has been in an accident, a great way to bring your costs down with your insurance company is to now purchase a safer car. According to Consumer Reports, certain cars that have better safety standards and regulations are often less expensive to insure. If you’re unsure which cars fall under these categories, you can ask your insurance carrier to give you multiple quotes for each car that you’re considering buying until you find the one with the best rate.
Getting in a car accident can greatly increase your car insurance rates if you’re not careful. So to help bring these costs back down soon, consider using the tips mentioned above to help you learn what you can do to lower your car insurance costs after you’ve been in a wreck.