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8 Ways to Save Money on Auto Insurance

September 20, 2008 | Insurance | No Comments

1 – Get a Higher Deductibles
Deductibles represent the amount of money you pay before your insurance policy kicks in. Requesting higher deductibles will lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 percent to 30 percent. Going to a $1,000 deductible can save you 40 percent or more.

2 – Reduce coverage on older cars

Consider dropping collision and/or comprehensive coverages on older cars. It may not be cost-effective to continue insuring cars worth less than 10 times the amount you would pay for coverage. Any claim payment you receive would not substantially exceed your premiums minus the deductible. Claims occur on average only once every 11 or 12 years. Auto dealers and banks can tell you the worth of a car, or you can look it up online at Kelley Blue Book. Review your coverage at renewal time to make sure your insurance needs haven’t changed.

3 – Buy your homeowners and auto coverage from the same insurer
Many insurers will give you a discount if you buy two or more types of insurance from them. Also you may get a reduction if you have more than one vehicle insured with the same company. Some insurers reduce premiums for long-time customers. But shop around; you may save money buying from different insurance companies despite the multi-policy discount.

4 – Take advantage of Low-Mileage Discounts
Some companies offer discounts to motorists who drive a lower than average number of miles per year. Low mileage discounts can also apply to drivers who carpool to work.

5 – Ask About Group Insurance
Some companies offer reductions to drivers who get insurance through a group plan from their employers, or through professional, business and alumni groups and other associations. Ask your employer or any groups or clubs to which you belong.

6 – Maintain Good Credit
Your credit rating may affect what you pay for insurance, so keep a close eye on it. Credit makes insurance rates more accurate, fair and objective. While the use of insurance scoring varies from state to state and company to company, it is a fact that drivers with long, stable credit records have fewer accidents than drivers who don’t. There are various Internet services that allow you to check your credit rating and provide tips on how to improve your score.

7 – Safe Driver Discounts

Companies offer discounts to policyholders who have not had any accidents or moving violations for a number of years. You may also qualify for a cut if you have recently taken a defensive driving course.

8 – Shop around
Prices vary from company to company, so it pays to shop around. Get at least three price quotes. Sites like this make it easy to get quotes! You can call companies directly or access information on the Internet. Your state insurance department may also provide comparisons of prices charged by major insurers.

Get quotes from different types of insurance companies. Some sell through their own agents. These agencies have the same name as the insurance company. Some sell through independent agents who offer policies from several insurance companies. Other companies sell directly to consumers over the phone or via the Internet.

Auto Insurance



Compare Insurance Quotes

July 26, 2008 | Insurance | 1 Comment

You can lower your insurance by comparison shopping! Enter your zip code below to get a list of insurance providers in your area, then comparison shop. More than likely, you will receive a lower quote than what you are currently paying!

 

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