There are already plenty of things to worry about after getting into an auto accident. From tending to injuries to getting your car fixed, there’s enough on your plate following a collision. But worrying about your auto insurance rate can literally add insult to injury.
NerdWallet analyzed quotes from around the country for drivers with one at-fault crash to show how much more they pay than customers without a scratch on their driving records, on average. In Indiana, specifically, drivers landed fifth on the list with an average jump of $190. That’s no small chunk of change. But there are ways in which rates can actually be lowered or not affected as much following a crash. Here are a handful of things to look into.
Always Report Your Accident
Even if you just caused a small fender-bender where no one was hurt and there was minimal damage, you still need to report it to your insurer. A Marion County insurance agent or other local agents can help to figure out the best steps following a crash. You may ask yourself, “If they don’t find out, then my premium won’t see an increase, right?” That’s completely wrong.
The other driver could turn around and sue weeks or months later and failure to report an accident might cause your insurer to refuse your policy. Legal bills will stack up and the potential of your driving record being heavily damaged goes up. Ultimately, an auto insurance increase is better than other bills and long-term repercussions.
Check For Accident Forgiveness
Most drivers will get into car accidents about every 18 years. If you haven’t been in one yet, or haven’t been in one in a long while, your insurer may be willing to ignore a mishap without raising a premium. Each auto insurance company differs in its forgiveness plan, but it doesn’t hurt to see what they can do for you.
Take A Driving Class
Driving classes aren’t just for high schoolers looking to get a lower rate before they get their license. Drivers who have been in an auto accident can in fact take a defensive driving class after a collision and possibly keep your rates low during renewal time.
Look For Other Discounts
There are many ways in which you can take advantage of built-in discounts:
Even if you’re the one who caused a wreck, there’s still hope for your insurance rate. Take heed of these simple steps and you could end up saving more in the long run.
Adding a teen driver to an auto insurance policy comes with a pricey toll. Even though the financial shock of adding a teen to a family auto insurance plan has eased in recent years, there’s still plenty of things to be aware of. NerdWallet discovered that it costs anywhere between $1,200 and $2,200 per driver, per year, which can take a toll on a family’s budget depending on their circumstances. But there are ways in which to alleviate extra costs and keep a monthly payment somewhat more agreeable than originally thought.
Local insurance carriers can help to guide families with teen drivers through the haze of finding the right plan. Parents can consult an Indianapolis insurance agent to find the best option, but can also do some research on their own. Here are some ways to save on hefty auto insurance plans for teen drivers.
What to Know FirstTeen drivers tend to be inexperienced and immature behind the wheel, which only lends a hand to boosting premiums. Insurance companies look at how much risk a driver poses to the outside world and calculates a total from there. Male and female drivers, aged 16 to 19, pose the highest risk on overage when it comes to annual crashes and traffic violations.
Adding a teen driver means more of a hit on the overall amount of a family plan. This varies by state, but in general families can expect to pay a much higher rate.
Teenage Boys Cost More to InsureAre there any teenage boys in your house ready to hit the road? Well, even if they have the best intentions behind the wheel, insurance agencies see them as a higher risk. Insurance companies use statistics to create rates, and they have the numbers to back them up. Teenage boys are significantly a higher risk driving than teenage girls in most states.
Can they have their own policy?While adding a teen to an family policy will cost more, it definitely will not cost as much as having them get their own policy. There are discounts that families can take advantage of like multi-vehicle plans, multi-policy (such as home and auto bundled together), length of time with carrier, homeowner, and experience driving.
Having a teen purchase their own policy may be a good lesson in responsibility, but it will ultimately lead to more money out of their pocket than pitching in to a family’s plan.
Age of MajorityDepending on the laws within a state regarding teen drivers, there needs to be consideration given to age of majority. Young drivers between 18 and 21 cannot sign binding contracts. What does this mean? Well, if a young adult driver still living in your house wants to buy a car and an insurance policy (a binding contract), they will likely need a parent to co-sign. It’s best to go over all the options a family has when thinking of adding a teen driver and see how to best prepare for the financial responsibilities included.
At the end of the day, retailers are trying to do their best to stay in the black and keep their doors open. Driving more sales is always a concern, so staying on top of how to promote a store, a brand, or even a sale is vital to retailers’ bottom line.
Creating time-sensitive in-store promotions and having a solid understanding of target demographics and psychographics can lead to incentivizing the right actions. Customers will be more apt to respond and business will have good chance of growing in the process. If a retailer is circling a sales event there are a number of ways to impact sales goals.
Promotional Pricing According to Shopify, 71% of shoppers believe they’ll find better deals online, but 94% of retail sales are still credited to brick-and-mortar stores. Customers can always benefit from running across the right promotions in-store. There are a few ways retail businesses can enhance their sales total and drive more traffic including:
Markdowns: These are price reductions that cover a wide range of products for all customers. These are really effective when backed by a wide-reaching advertising campaign.
Loss Leaders: Certain products can be promoted at a steep discount, like electronics or day-to-day products, so new customers can be drawn in to a store. Known as loss leaders, these products are perfect for selling overstocked items, in turn increasing traffic and creating brand awareness.
Bundle Pricing: Bundling items together for a great sales price is always a crowd favorite for shoppers who are looking for more bang for their buck. From buy one, get one free to three-for-one pricing, consumers are always primed to pay a little more so they can get what they want.
Point-of-Purchase DisplaysWhen customers are waiting to check out they are still available to reach out to for more sales. Like convenience stores and grocery stores, point-of-purchase displays promote impulse buys that tick daily sales numbers up little by little. Depending on your retail store there are many different items to include on an end cap such as gum, candy, soft drinks, socks, bags, notepads, etc.
Almost 66% of all decision to buy something are made while customers are shopping inside a store, and 53% are made from impulse buying. Stores need to take advantage of upselling smaller, more grab-friendly items and set up dump bins or themed end caps.
Email MarketingGreat customer loyalty programs will entice not only new customers, but keep previous customers coming back for more. Feeling valued inside a store and by a brand pays off in dividends for stores looking for reliable consumers.
One way that stores can do this, whether it’s a craft coffee house or kids’ clothing store, is email marketing. It’s an effective way to drive customer retention and promote loyalty. Customers can sign up in store and be kept abreast of promotions, deals, and coupons. This will incentivize them to visit a store again while also cementing the value of creating a mailing list.