How Do Accidents Affect Your Premiums?
Insurers tend to view drivers with multiple claims as higher risk, which means premiums are likely to increase. Each claim indicates a greater likelihood of future accidents, from an insurer's perspective. This may result in:
- Higher premiums: Your insurer may raise the cost of your cover based on your history of claims.
- Policy restrictions: Some providers might limit the level of cover offered, or refuse to include optional extras like courtesy cars or breakdown cover.
- Reduced no-claims discount: Each accident or claim can reduce your no-claims bonus, further pushing up the cost of insurance.
What Can Be Done To Lower Insurance Costs After Multiple Claims?
Whilst premiums may increase after several accidents, there are ways to help manage the costs. Here are some strategies that could potentially lower your premiums:
- Increase your voluntary excess: By agreeing to pay a higher excess, you could reduce the monthly or annual cost of your policy.
- Telematics or black box policies: Opting for a policy that tracks your driving behaviour could help demonstrate safer driving and reduce premiums over time.
- Limit your mileage: Reducing the amount you drive each year can sometimes result in a lower premium, as driving less can reduce your risk of accidents.
Will All Insurers Offer Cover?
Not all insurers may be willing to offer cover after a history of multiple accidents. Some may see it as too great a risk, but others specialise in high-risk drivers. It’s important to shop around and compare quotes, as different insurers weigh risks differently. Some might take into account how long it has been since your last accident, or the severity of each claim.
Are Specialist Insurers An Option?
If standard insurers are unwilling to provide cover, it’s worth exploring specialist insurance providers. These insurers focus on offering policies to drivers with a history of claims or accidents. Whilst premiums may still be higher, these providers are more likely to offer comprehensive cover compared to mainstream insurers.
How Long Will Accidents Affect My Premiums?
Most insurers consider your claims history over the last five years. After this period, previous accidents may no longer impact your premiums. However, if you've had multiple accidents in recent years, the effects on your premiums may persist for a whilst. The key is to demonstrate safer driving habits going forward to help reduce costs over time.
Looking For Affordable Insurance After Multiple Accidents?
It’s still possible to look for car insurance after being involved in several accidents, even if premiums are higher. If you're looking to compare your options and look for the most suitable cover for your needs, consider comparing quotes today to get the best deal available for your situation.
Why not get quotes now?