Weekly Tip August 14: How to Keep Your Costs Low Following a Serious Car Accident

<span>Weekly Tip August 14:</span> How to Keep Your Costs Low Following a Serious Car Accident
  • Opening Intro -

    The increase in insurance premiums following a car accident can really hurt your wallet.

    Insurance companies are constantly looking for avenues to increase their revenues.

    Unfortunately, this means they are trying to make you spend more money.

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Fortunately, there are a number of ways to reduce the possibility of an increase in your insurance premium. In this article, we have curated a list of ways to decrease your costs following a serious car accident.

  • Understand Your Insurance Policy

    Unfortunately, the language in which most insurance policies are written is not accessible to an average person. Fortunately, there are a number of ways to be one of the people who can understand the policy. The most direct way of learning the terminology of insurance is to hire an insurance professional who would explain the terms of your policy. However, these professionals will often take advantage of their customers with astronomical rates that yield a low return on investment. The best avenue to take is through the employment of a lawyer. A car accident lawyer will be able to walk you through the steps to reduce your costs following a car accident. Oftentimes, the lawyer will give you information to reduce future rate increases and optimize your current policy.

  • Take a Driving Class

    This option is tedious but rewarding. Although the thought of returning to your teenage years may entice many people, returning to driver’s ed is probably not an experience many would want to live through twice. Fortunately, the desire to improving your driving skills will be noticed by your insurance company. Upon completion, this can lead to a reduction in your rates.

  • Accident Forgiveness?

    A large topic in many insurance commercials is the option to utilize accident forgiveness. This is an agreement that affirms that although you may be responsible for an accident, the accident will not be a reason for increased rates. In order to acquire accident forgiveness, you must have purchased the option upon acquiring or negotiating your policy. The typical cost for accident forgiveness will be between $35-$50 and will repeat upon the renewal of your policy.

  • Assess Your Deductible

    If you have extra money to spare, consider increasing your deductible. The deductible is the amount you will pay once the insurance claim is filed. Although you will pay more in the short-term, the long-term benefits will be positive. Increasing your deductible leads to a decrease in coverage cost, saving you money in the long-term.

    The problems that follow a serious car accident are stressful. Instead of worrying about your insurance, pay attention to the important things like your health. Rid yourself of these burdens so you can return to living a happy life following a serious wreck.

Money Management reference:

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Last update on 2017-05-22 / Affiliate links / Images from Amazon Product Advertising API

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