How to Save Money After a Car Accident

From financing repairs for your car to sourcing a replacement vehicle for you to use, the cost of being involved in a car accident can quickly add up. Although your insurance company will certainly be able to help when it comes to funding, there are several things that you can do to save money when it comes to getting back on the road. We’ve put together some top tips to help you spend less when dealing with the aftermath of a traffic accident, no matter who was at fault.

#1. Inform Your Insurance Company:

It goes without saying that the first thing that you should do after being involved in a car accident is notify your insurance company. If you have a fully comprehensive insurance policy, they will still pay out to cover the value of repairs to your vehicle, even if the accident is deemed to be your own fault. If your car is written off, they will pay you the value of the car at the time of the accident. If you have just purchased a new vehicle, gap insurance is certainly worth investing in, as this means you’ll receive the amount that you paid for the car at purchase, rather than its depreciated value at the time. Don’t forget that many insurance companies also offer free car hire in the event of an accident.

#2. Take Your Time:

Making quick decisions after a car accident when you are shook-up and highly emotional can often lead to spending more money than you would have liked to. Try not to make any major decisions regarding the repair of your car or anything else right after the accident occurs. Give yourself a little time to get over the stress of the accident, call the police if necessary, get your car off the road, get medical attention, and speak to your insurance company about your various options.

#3. See if You Can Drive the Car:

If your car is not damaged to the point where it is unsafe to drive, then taking it home before making any repair decisions is advisable. However, it’s important to be very careful – driving a car after an accident can cause further damage, so make sure that you check it over thoroughly before you do so. Then, once you’ve had time to calm down and collect your thoughts, you can consider the different options that you have for getting it repaired without having to worry about how you’re going to get it off the road.

#4. Shop Around:

Don’t be fooled into thinking that you have to go with the repair garage that your insurance recommends. This is only a recommendation and you are well within your rights to shop around and find one that’s nearer to home; your insurance company should still cover the costs for you. If you have been involved in an accident where a third-party is at fault, it’s down to your insurance company to recover the cost of the repairs from the third-party’s policy. So, if you’re not in a massive hurry to get your car fixed and have a reliable transportation alternative after the accident, it’s worth taking your time to weigh up quotes and find a cheaper option. Even if your insurance is going to cover the entire cost, the less you claim, the lower your insurance premiums will be in the future.

#5. Sell the Car:

Sometimes, the damage caused during a car accident isn’t worth the cost of repair. If your insurance company has declared your car a total loss, or you have decided that it’s not worth getting it repaired and you’d rather just buy a new car, then there are several options available for making some money to put towards the cost of this. In the case of a write-off, your insurance company will pay you the value of the car post-accident. You may also want to consider selling the car on for parts or exchanging it for cash with Scrap Car Network.

#6. Know Your Coverage:

Last but not least, this is the perfect time for you to make sure that you fully understand and are satisfied with the coverage provided to you by your insurance company. Take the time to review your coverage with them, or at least confirm that any repair work you are planning to have done is covered. For example, if your car is unsafe to drive or has been written off, does your policy cover the cost of hiring a rental car until you are able to source a replacement? There is nothing worse than thinking that you are covered for something, only to find out that you are not and will need to cover the cost yourself.

Being involved in a car accident can be a very costly experience. Follow these top tips to save as much as you can!