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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.
“Am I covered if I drive someone else’s car?” Or, “Am I covered if someone else drives mine?”
Many don’t realize that the insurance industry is one of the country's most regulated business segments, especially in New York State. The New York State Department of Financial Services (NYS DFS) wields significant control over the insurance business and has a stated goal of protecting consumers.
Most property insurance companies offer Actual Cash Value or Replacement Cost settlement options. Typically, insurance companies will require that you insure the property to the settlement value you choose. If you select Actual Cash Value, the amount you may be required to insure the property for will be less than the corresponding Replacement Value.
In that spirit, the Ryan Agency is sponsoring a Stearns BBQ Dinner pickup at our office on 57 Broadway Mall in Hornell on September 12th from 3:00 PM to 4:30 PM.
Today, an individual’s credit history can play a more significant role than any one of those traditional factors. Good Credit Scores lead to a Positive Insurance score. A good Insurance Score greatly influences what someone will pay to insure their vehicles.
Insurance companies offer various discounts for which their policyholders may qualify.
Great Eight number Six (6) suggests taking a look at removing Comprehensive and Collision on Older Vehicles.
By reducing the number of claims in your insurance history, you can significantly affect your rates in the future.
Sometimes, this concept meets with resistance from policyholders. The thought of paying more in the event of a claim is off-putting to some. Even if that means I pay more for my insurance.
OK. Admittedly, this strategy doesn't benefit everyone, but it can be very beneficial for those it does. You may have unique home or auto insurance needs that prevent you from bundling with the same company. Alternatively… you might have a better rate without the bundle discount by splitting up your insurance between multiple carriers.
