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If you’re thinking of buying or leasing a car, you might also be thinking about buying insurance. Many factors go into buying insurance, like which plan to buy and which coverages are required. If you are worried about accident coverage, you may be wondering which policies are best to have in case of an accident. You also may be wondering if you can buy or add policies like collision insurance after the accident happens. The short answer to this question is yes, you can buy collision insurance after an accident. But it’s important to understand what this insurance will cover depending on the time you decide to buy it. Let’s take a deeper look at what collision insurance is and when you can purchase and use it. 

What is Collision Insurance?

Black car after accidentCollision insurance is a policy that covers damages to your car that occur when you are driving on the road. This includes damages from another vehicle or from an object your car hits such as potholes or trees. This policy doesn’t cover, however, injuries to drivers or passengers, non-driving related damages like weather or theft, and damages to the other vehicle. In most states, collision insurance is an optional add-on policy, but most people choose to buy this coverage, and most lenders require you to buy it. 

When Should I Buy It?

It’s a good idea to include collision insurance in your insurance plan, as it helps reduce the amount of money you have to pay out-of-pocket when car damages occur from an accident. You might be the more cautious type, opting to buy it immediately so it is added to your plan before you might get into any accidents. On the other hand, you might wonder if you can buy this policy once an accident occurs, and hope that it covers expenses from that accident. But that’s just not how insurance works.

Insurance Only Covers Future Events

While you can buy and use collision insurance after an accident, you can’t expect it to cover claims made for past events. If you try to claim that old damage to your car is from a new accident, you will be accused of insurance fraud. If buying and using new insurance on old claims were legal, no one would buy it until they needed it. So if you don’t have insurance before you get into an accident, you’ll have to pay costs out-of-pocket, including medical expenses and car repair bills. 

Business woman signing contract document on office desk.

I’m A High-Risk Driver — Can I Still Buy Insurance?

While buying insurance should be fairly easy for most people, even if you’ve gotten into accidents, certain drivers may have a more difficult time buying insurance. If you have gotten into a serious accident, you may have a tougher time buying a policy. Drivers with histories of causing serious accidents might not have the ability to buy insurance, as insurance providers can refuse to provide coverage for high-risk drivers. Rates for insurance may also be higher depending on a person’s driving record, so buying insurance after serious accidents might be unaffordable in certain cases.

Can I Switch Insurance Providers After an Accident?

You may be in a situation where your current insurance provider raised its rates after an accident. If this is the case, you might be inclined to switch to a new provider. Switching providers after an accident is perfectly legal, but remember that insurance only covers future claims, not past ones. So If you switch providers, your accident claim is the responsibility of your previous provider. 

The Bottom Line

When considering the possibility of a car accident, it’s always best to invest in a collision insurance plan so that you won’t have to pay as much out-of-pocket for expenses. If you’re tempted to wait it out in hope that you won’t get in an accident, just remember that new insurance policies can’t cover past accident claims. 

Looking for More Information?

Home & Auto Resources is here to provide information and assistance with all home and auto insurance concerns. Our team of experts is committed to giving customers quality information and materials for their home and auto needs. Visit our website or give us a call at (888) 535-2762 to learn more.

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