My name is Eric Bowman, and if you have questions about insurance, this is the blog you need to read. I was always confused when I had to purchase insurance. I would either end up paying for insurance I didn't need or I wouldn't buy the right policy. I finally decided that I was going to learn all I could about insurance policies so that I would understand exactly what I was buying. Now, I am completely satisfied with my insurance and the coverage is just what I need. I realized that there are others who are probably just as confused as I was, so I am writing this blog to help others get the best insurance for their needs and budget. I hope that my blog gives you the information you need to make the right choices when purchasing insurance.
With a bit of creativity and advance planning, you can have an extremely expensive car accident. Your accident can drain your savings accounts, and if you try hard enough, it may even bankrupt you. If you have cash burning a hole in your pocket, here are four tips on how to have the most expensive car accident possible.
1. Underinsure Your Vehicle
If you really want to have an expensive car accident, you need to start working toward this goal before you even get behind the wheel of your car. Call your insurance agent and ask for the least expensive plan possible. Make sure that you get the lowest amount of liability coverage required under state law.
When you have a bare bones insurance policy, it doesn't cover the cost of repairing your car after an accident. Instead, you get to pay for repair or replacement costs all on your own. Your liability coverage will cover the cost of repairing the other person's car, but if the other driver is injured or if his or her car suffered extensive damage, your policy may not be able to sufficiently cover those expenses. Luckily, in that case, the other driver can take you to court, and he or she may be able to get your personal assets and wealth in a lawsuit.
2. Leave the Scene of the Accident
As soon as you collide with another car or a stationary object, drive away as fast as possible. If your car isn't working, get out of it as quickly as possible and run.
Fleeing the scene of an accident is a great way to avoid talking to people who were involved in the accident, and it's an effective way to avoid the police for a while. Additionally, fleeing the scene is actually a crime.
If you leave an accident where no one was hurt, your running away may be considered a misdemeanor which can result in fines of around $1,000. If someone is hurt in the accident, it may be considered a felony hit-and-run. In these cases, you may get fines around $10,000, and you may even get some time in jail.
3. Give the Other Driver All of Your Personal Information
If you don't get the chance to run from the scene of the accident, make sure to give the other driver all of your contact information. Do not just give them your name and the name of your insurer, as recommended by the Washington Post. Instead, give them your name, your driver's license number, and all of the information from your insurance card. If you want to sweeten the deal, give them you social security number and birth date as well.
When you give all of this information to a stranger, it increases your risk of becoming a victim of identity theft, and on average, the losses from an identity theft equate to just under $5,000. This strategy is an innovative way to make your accident more expensive.
4. Take as Long as Possible to Submit the Claim
Rather than calling your agent right away, make sure to wait a few days or even a few months before calling him or her. That way, you can pay for your own repairs and leave your insurer out of the decision-making process. When you call your agent later to tell him or her about the accident, you can ask the insurer to compensate you for the repairs, and at that point, he or she may not be able to help you.
If you want to lose money on your next car accident, call an agent today and discover more on insurance. These professionals can give you insider tips on how to make your next car accident as financially stressful as possible.