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Many of us enjoy driving, but being on the road can be expensive. From the rising costs of fuel to expensive insurance premiums, drivers face a lot of financial pressure as they seek to maintain their motor vehicle and keep it on the road.
We have already covered ways you can cut down on your motoring costs, but for your financial security, the biggest way to save money is to drive safely. In 2016, the National Safety Council estimated around 40,000 people lost their lives on the road, with millions more who were seriously injured. The cost to society was huge, with $432 billion paid out, which included medical expenses and property damage.
Accidents and fatalities can be avoided when we take responsibility for our actions on the road. You will also save money. Below are some of the ways safer driving connects with your financial security.
Road accidents
We have already seen how the cost to society was high. However, at an individual level, you will make a significant loss due to repair costs, and possible medical bills. Your insurance company should cover some of the damage, but you will need to prove you weren’t negligent. Motorcyclists often come out worse, as they are often unfairly blamed for accidents. Companies such as Parnall Law Firm specialize in helping those who are shortchanged in the insurance process, so you should always find decent legal advice. After an accident, you are also likely to see your insurance premium rise, and it may take years before you bring the premium down again.
Be rewarded
Insurance companies can be difficult to deal with after an accident. However, safer driving is rewarded through a range of discounts. For example, drivers with a clean record will often get the best rates on their premiums. Considering you can get as much as 50% off with the right company, you will save hundreds of pounds on your car insurance. The flipside, of course, is that you will pay higher premiums, not only for having had an accident but for proven unsafe driving, such as speeding. It’s clear that when it comes to dealing with insurance companies, it pays to be a safe driver.
Taking care of your car
Unfortunately, there are many drivers on the road using motor vehicles that are unsafe to drive. So while your driving may be impeccable, you are still at risk of an accident if your car is a potential deathtrap. For starters, you need to be a responsible buyer. Not many of us can afford a new car, but care should be taken when buying something used. You should always hire a qualified technician to check a car before purchase, as you need the peace of mind that you aren’t buying something that will prove costly to your bank balance as well as your life down the line.
Whatever car you drive, make sure you get it serviced every year. Repair costs can be high, but they will be even higher if you fail to maintain your vehicle before an accident.
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