What a Fender Bender Means to Car Insurance Rates
An accident, aside from being a traumatic event, is also confusing and financially devastating. There are many different things to deal with, not the least of which is car insurance. Even a little ding or fender bender could have great effect financially in New York, regardless of who was at fault.
Right Then and There
The Internet is filled with advice that states paying out of pocket, at the scene is the best course for a fender bender. Do not heed this advice. No money should exchange hands in either direction.
The Higher the Deductible, the Lower the Premium
Car accidents, even small ones, are never pleasant and never cheap. Still, having a very low deductible will probably cost more money in the end. Raising the deductible will lower the general cost of insurance premiums, which will save money on auto insurance.
An accident under a high deductible will cost more money out of pocket, but most people will never be in enough accidents to justify the additional regular cost to car insurance. Drivers who are almost never involved in an accident will save a surprising amount of money.
Prepare For Whatever Might Happen
Along with proof of insurance, keep a pen and some paper handy. It is a very good idea to get the contact information of everyone involved in an accident, including passengers, witnesses, and law enforcement officials. License plate numbers should be included in this information, along with the types of car involved, insurance information, and as much detail as can be recorded at that point.
Two are two very important things to remember that are often forgotten in the confusion of the moment. First, never admit fault, at least not on the scene. Second, have a camera available to take pictures, which are much better evidence than memory. Everyone one sees things differently, but a photograph is indisputable.
Drivers who have suffered through a fender bender and now have accordingly higher insurance rates can still shop around for an insurance company that will offer lower premiums. There are even auto companies that specialize in insuring drivers who have been through such ordeals. They can offer reasonable rates for “high-risk” drivers, and help offset the costs of recovery.
Even a little accident can have big consequences, but there is no need for it to be financially ruinous, if a few precautions are taken.