It’s common to hear about what you should do in the immediate instance after a crash. Take evidence. Make a claim. Seek medical treatment. We’ve heard it all before, but what rarely gets talked about is what happens to your insurance after the crash. In most cases, it’s pretty much guaranteed to shoot up in price. If you don’t do the right things, you’re going to end up spending much more than you should have to. Here are some ways to lower that premium.
Don’t Report It
Before you rush into making a claim, keep in mind that you don’t actually have to report this accident. If it was minor enough that it only caused a small amount of damage, you might be willing to pay up. By not reporting it, you’ll be able to save your premium from rising as the result of a crash. However, if the incident is anything more than a very minor bump, you’re not going to benefit from this option.
Make A Claim Elsewhere
You don’t have to make a claim with your insurer, either. There are plenty of companies out there that can make claims on your behalf. While it’s a requirement to inform your insurer if you’ve been in an accident in many cases, you don’t have to do this. There are companies can handle this side of things, getting claimants out of a costly conversation. So, this might be a worthy option.
Negotiate Or Start Again
After a crash, your insurers are going to raise the premium. It’s your choice what you do next. In the first instance, you should look to negotiate wherever possible. How could you potentially lower your premium? Do they implement a forgiveness policy you could take advantage of? If you find that they’re unwilling to budge on their decision, you might want to start again altogether. Sometimes, the best way to lower your premium is simply to shop around.
Take A Driving Class
You might find that some insurers will lower your premium if you take a driving class. The UK’s Pass Plus scheme is a good example of this. Even if that isn’t the case, you can’t go wrong by improving your driving skills to prevent any more accidents. You’ll find that in many cases, insurers will offer discounts for classes you might want to take. It’ll help to improve your reputation with your insurer come renewal time, easing the financial pressure.
Reduce Your Coverage
As with any insurance policy, the easiest way to lower the cost is to reduce your coverage. Ultimately, you might have to make-do with a few restrictions while you go through this tough period. This could mean ditching your comprehensive cover for a while, for example. You might also want to increase your deductible or limit the amount of mileage you do per year. This is a guaranteed way to lower your insurance premium for the time being.
An accident doesn’t have to signal a financial nightmare. These tips should help to keep your money in your pocket.