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How Do I Save Money On My Car Insurance After I Have Had an Accident in the Policy Year?
October 2, 2019
It's a challenge, but it can be done!
This article first appeared on Quora.com: https://www.quora.com/How-do-I-save-money-on-car-insurance-following-an-accident-in-the-policy-year
Seeking to save money on your New York State auto insurance is in part, a matter of timing. Shopping with other insurance carriers yields the best result following a period of 3+ years of clean or near clean driving records for all drivers in the household.
Following an accident, a couple of things are likely to happen that go against your ability to save on your auto insurance:
- An accident surcharge may be applied
- Loss of claims free discounts may occur
- Shopping with other carriers will be negatively influenced by a recent claim.
But all is not lost. There are ways to save money on car insurance following an accident. Here are a couple of ideas to pursue:
Pursue a New York State Defensive Driver Course
- New York State will provide up to a 10% discount on your auto insurance upon the completion of a “defensive driving” course. Many of these courses can be taken online and require as little of six hours of your time.
- If the discount is applied to your policy it may only be for a period of time (IE: New York provides a three-year discount at approximately 10%)
Review your Deductibles
- If you have lower Comprehensive or Collision deductibles, a higher deductible can save significant dollars following an accident.
- Higher deductibles provide an immediate savings that continues every year.
- Higher deductibles also discourage the submission of small claims which can be as detrimental to your auto insurance costs as large ones.
Review Discounts
- Some companies provide First Accident Forgiveness type discounts that may lessen or remove the impact of an accident on your rates.
- Other programs allow for the insured to “earn back” claims free discounts over a period of time.
- It doesn’t hurt to ask your insurance carrier about the potential discounts for which you might qualify.
- Ask the company “What discounts are available that I am currently not receiving”?
Adopt Long Term Auto Insurance Savings Strategies.
- For some additional ways to save on your car insurance premiums, please read “What are good ways to save on auto or car insurance ” on Quora.com. Paying particular attention to long-term strategies will pay off for anyone over time.
If you have additional questions about how to save money on your New York State car insurance premiums please feel welcome to call us at 607-324-7500. Or if you are not a current client, you can request a quote from our agency right online here: https://www.ryanagency.com/request-a-quote
This article may have been originally published at Quora.com.
To see Jeff's Quora.com profile click here.
Factors You Can’t Easily Control These factors are built into your profile, but still play a major role: Your location: Claim trends, traffic, and weather patterns where you principally drive. Your age and driving experience: Especially for younger drivers. Other drivers in your household: Their age and driving history. The vehicle you own: Unique to the Year, Make, Model, and Sub-model’s damageability and cost of parts/labor. These factors significantly influence price differences, but they don’t tell the whole story. Factors You Can Control This is where habits and wise decisions can make a real difference: Your driving habits: Minimizing tickets and accidents can have a direct impact. Your coverage choices: Liability limits, deductibles, and optional coverages can vary widely. Your insurance consistency: Avoiding lapses in coverage. Your annual mileage: How much and how often you drive. Discount opportunities: Bundling, pay-in-full, NYS defensive driving course. Your Insurance Score (Yes—You Can Influence It) Insurance companies use a credit-based insurance score as part of their rating process. While it’s based on financial behaviors, it is not permanent—and it can be improved over time. Simple habits like: Paying bills on time Reducing outstanding debt Avoiding excessive credit inquiries… can positively impact your score—and in turn, your insurance rates. Your insurance score is under your control and a worthy mid to long-term project in and of itself. For more information on what you can do to positively influence your score, see: Great 8 Tip #8 - What's Credit Got to Do with Insurance? How Can I Improve My Auto Insurance Score Why Comparing Rates Doesn’t Work When someone says, “I only pay…” , the uniqueness of their fingerprint is missing. What are their: Deductibles Driving history Insurance score Household profile Coverage limits: what they may be giving up in terms of protection. Price without context can be misleading and discouraging.
Part 7 – Designing a Value-Driven Insurance Plan
Part 6 – Advice, Advocacy, and Answers
Part 5 – Can Your Company Deliver?
Part 4 – Custom Coverage = Real Protection
Part 3: Coverage Limits - "The Ceiling You Don't Want to Collapse"
Part 2 – The Risks of Chasing Cheap
Part 1: What Are You Really Paying For?
Insurance fraud is a significant problem, exceeding $300 billion annually, with the Property and Casualty sector contributing nearly $50 billion to that total.
Living in New York, you might have a stack of insurance documents—auto, homeowners, health, or life insurance policies—filed away somewhere. But how long should you keep those documents, and specifically, what papers should you hold on to?
