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7 Tips to Reduce Car Insurance Rates After an At-Fault Accident - YouTube
Channel: Wealthy Millionaire
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have you ever gotten into an accident
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and wondered what's going to happen to
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your insurance hi i'm kylie mattoo and
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welcome to wealthy millionaire today
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we're going to talk about what happens
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to your insurance after an accident
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first i'm not a lawyer and i'm not an
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accountant
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so always make sure to consult a
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professional
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getting into an auto accident not only
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affects you and your car but can cause a
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significant rise in your auto insurance
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rates as well
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so if you find yourself in an
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unfortunate situation of being in an
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accident it's important to know what to
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expect
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and the cost of your insurance policy
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after the accident depends on several
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factors
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the average annual premium for auto
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insurance coverage before an accident is
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hundred and 1670 four dollars
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and two thousand three hundred and
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eleven after an accident
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so this means that your insurance will
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go up by six hundred and thirty seven
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dollars
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however the yearly premium may go up
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higher than average in some states
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depending on the damage caused
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a 20 year old male can still get the
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cheapest available car insurance in the
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u.s
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even though drivers in their 20s are
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considered potentially risky customers
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and this means that insurance companies
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are willing to offer lower rates
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for insurance for this demographic as
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they have not been proven to be a high
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risk group yet
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according to value penguin geico is the
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cheapest car insurance company for a 20
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year old male
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but there's also cheap car insurance for
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over 30s since car insurance rates tend
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to reduce as drivers get older
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your insurer also contributes hugely to
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how much you pay after an accident you
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should really research to find out an
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excellent deal before registering for
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your car insurance policy
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and there's many cheaper car insurances
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in different states so consider
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switching to the cheapest one in your
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state to enjoy affordable rates
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how does an accident affect your car
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insurance rates
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well immediately after an accident in
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which you're at fault your car insurance
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rates will rise significantly
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and the reason is that at-fault
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accidents are chargeable in court if
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they may have caused injury death or
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damage to properties however you can
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expect your rate to return back to
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normal about three to five years
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afterwards
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other insurers may charge more if the
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crash is bad enough and lower if the
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crash is not as severe but to most
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insurers the collision's severity
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doesn't matter and they will still
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increase your insurance rates as long as
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it's happened
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auto insurance companies have different
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ways of increasing their insurance rates
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after an accident so for instance the
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frequency of an accident matters a lot
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and a driver with a already bad record
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would pay higher than another driver
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with the same situation but with a clean
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record
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so most car insurance companies do this
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because the former driver is more likely
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to cause another accident
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for this reason you have to compare
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several insurance rates given by
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different insurers in your state to get
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the cheapest one after an accident
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before settling make sure you understand
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everything from the rates to their
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policies
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this way you can avoid any surprises
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that might come after you're involved in
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an accident
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you can clearly see the difference
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between these 11 top car insurance
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companies before and after
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at at fault accident usaa is the
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cheapest among them all so it offers
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lower rates before and after accidents
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to its customers
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however usaa auto insurance is available
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only to veterans and their families and
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active military people
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let's have a look at some other examples
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of insurance rates before and after an
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accident for comparison
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as you can see allstate has an average
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annual premium of 1921
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before an accident and that increases to
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an average annual premium rate hike of
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2752
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that's an increase of 831 dollars over
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the course of a year
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now let's have a look at geico as i'm
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sure you've seen their funny commercials
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on tv
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here we have an average annual premium
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of 1405
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before an accident and that increases to
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an average annual premium rate hike of
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1971
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giving us an increase of 566 dollars
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over the course of a year
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now we'll compare one more let's pick
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state farm
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with an average annual premium of 1 457
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before an accident
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that increases to an average annual
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premium rate hike of 1657
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giving us an increase of 200
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over the course of a year
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as you can see there are varying rate
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amounts amongst car insurance companies
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which can factor into your decision
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making process
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how do you get a lower car insurance
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rate after you've already been involved
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in an accident
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many drivers ask themselves this and
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after getting involved in an accident it
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really depends on several things for
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example the number of accidents that
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you've been in within the past three
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years some drivers may qualify for the
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accidental forgiveness program from
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their insurers which can save them a lot
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of money
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but still there are other discounts that
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you can qualify for such as working in
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certain occupations like teaching and
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also driving fewer miles
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so if you don't qualify for a discount
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there are still ways that you can get a
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lower rate from your provider after an
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accident
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and one way to do so is by negotiating a
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car accident insurance settlement
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with your insurer
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and discussing the various methods to
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settle the cost
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so here are some other ways to lower
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your insurance rates
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one is a deductible increase so a driver
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can lower their premium rate
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if they pay a higher deductible
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but however
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before you can raise your deductible
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know that most of your expenses will be
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covered from your own pocket being
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before your insurer pays
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you want to make sure that you're
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utilizing your available discounts so as
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we've mentioned before
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many auto insurance companies usually
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offer several discounts to their
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customers and such deals include good
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students save driving and multi-policy
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another thing you want to do is make
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sure you've improved your credit rating
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in some states car insurance company
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consider your credit rating to determine
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how much they're going to add to your
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rates after an accident so it's
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important to ensure that your credit
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rating is good
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do this by
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staying within your budget paying all
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your debts on time and addressing any
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issues with your credit report
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immediately
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make sure to update your coverage
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changing your coverage is one way of
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lowering your insurance rate however
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only reduce the amount of your insurance
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with the help of a licensed professional
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otherwise you might get in trouble for
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insurance fraud if you don't get any
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proper legal advice
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also ensure that you maintain the
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minimum insurance coverage levels from
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your state as you work on updating your
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coverage
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you can also buy a cheaper car did you
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know that it costs you a whole lot more
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to insure a more expensive car
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getting a cheaper option will reduce
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your insurance premiums
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look into cheaper insurance options
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insurance prices vary significantly
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across insurance companies there's
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always one offering cheaper rates than
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another
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the discounts and coverage options that
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these companies provide also vary
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that's why you want to want to make sure
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that you shop around comparing
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everything provided by these companies
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to get the cheapest one
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also don't forget to check the insurance
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company policies because cheap rates
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won't help if the policies are too tight
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here are some things that you'll
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discover as you shop around for the most
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affordable car insurance company
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here's a special case what happens if
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you get into a no-fault accident with a
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driver without insurance in tennessee
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you can file a negligence lawsuit
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against the driver who caused the
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accident and later you must show and
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prove that the driver's carelessness in
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driving caused you bodily injuries and
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harm in order to get compensated so make
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sure you get proof by taking photos and
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collecting police reports
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you can also file a claim from your
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insurer if the other driver doesn't have
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one
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let's take a look at some popular
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questions that are asked about insurance
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rates after an accident
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so first is should i file a claim with
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my insurance company if my rate's going
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to increase
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the decision to file an insurance claim
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depends on several factors so you want
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to be aware of your comprehensive or
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collision deductible and know which
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deductible will apply to your loss so if
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you only have minor damage getting an
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estimate before filing a claim might be
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a good idea
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reviewing your potential claim situation
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with an agent could also help you decide
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if filing a claim is appropriate
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which car insurance companies have an
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accident forgiveness so
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many car insurance providers offer some
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kind of accident forgiveness to enrolled
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drivers including allstate progressive
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usaa nationwide geico
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and the hartford
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when does your car insurance go down
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after an accident so an accident may
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negatively affect your car insurance
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premium from three to five years after
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the date of the incident
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will an insurance rate increase affect
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your credit score like we said before no
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while being involved in a car accident
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it does not negatively impact your
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credit rating a low credit score will
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lead to higher premiums though
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always make sure to get your insurance
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rates right well getting into an
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accident is inevitable it doesn't
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necessarily mean that you're going to
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get a higher insurance rate
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as we've discussed an increase in
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insurance rates depends on your state
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and the damage that's been caused
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there are also several ways that you can
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lower your premium such as driving a
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cheaper car shopping around for the best
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deal
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improving your credit rating
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you can take advantage of all the above
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techniques to avoid increasing your
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insurance rates significantly
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i hope you enjoyed that session i'm
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kylie matu thank you for watching
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wealthy millionaire
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[Music]
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