Cheaper Auto Insurance - 10 Ways to Save On your Auto Insurance
Cheaper Auto Insurance - 10 Ways to Save On your Auto Insurance
We are all looking for ways to save money, but driving with out auto insurance is irresponsible, as well as illegal in most states. Today, even small accidents can result in thousands of dollars in damages.
Good news is that cars built today are designed to absorb ever-increasing levels of impact and are filled with technology, like air bags, Dual side-curtain air bags, Side Impact Protection Systems. All of these innovations have made today's car the safest ever built, but all have added cost to the price of both buying and fixing these cars and trucks.
Due to the high price of vehicles, ever increasing medical costs, and new bankruptcy laws it is financial suicide to drive with out insurance. When looking for car insurance, no one wants to pay more than they have to in order to get the needed coverage. Below are some suggestions to help you lower your insurance costs and get cheaper auto insurance.
1. Shop Several Companies
Prices vary widely from company to company. The carrier that offers the lowest rate on a middle-aged married couple might be one the highest on a 20-year-old male single. Get quotes from different types of insurance companies. Some companies sell direct through a captive agent force. Independent agents offer policies from several different insurance companies. You can find agents by searching Online, using a telephone directory or asking family or friends where to get cheaper auto insurance.
2. Move to a Higher Deductible
The deductible is the amount you pay on a claim before the insurance company pays. By requesting higher deductibles, you can lower your insurance costs significantly and get cheaper auto insurance. For example, increasing your deductible from $250 to $500 could decrease your comprehensive and collision coverage cost by as much as 30 percent. Switching to a $1,000 deductible can reduce your expense by 40 percent or more. Just keep in mind, if there is a claim you are going to need to come up with that amount in order to get your car repaired. However, remember that the deductible is for the damages to your own car, rarely is there any deductible for the car that you "Hit".
3. Decrease Coverage on Older Cars
When your car was new, of course you purchased "Full Coverage' to protect your investment. However if your car is no longer a "late model" or does not have a value over $3,000.00, consider dropping collision and comprehensive coverage. Ask your agent to provide you with a quote both with and without these coverages. Your agent can tell you the Blue book value of your car.
4. Ask about Alarm Discounts
Does your car have any anti theft devices? Most cars today do have both passive and active systems. Most insurance companies will give you a discount of your insurance if your car is so equipped. The discount can be as much as 20% of the comprehensive portion of your policy. It is important that you let your agent know.
5. Exclude a driver
Not all drivers are created equal when it comes to car insurance. The rates on teen drivers are much higher than drivers in their 30s or 40s. If you have young drivers in the household that do not drive your car, you can save a considerable sum by taking them off your policy. A word of caution: If you exclude a driver from your policy and they do take your car out for a spin and have an accident; you will not be covered for that loss.
6. Part-Time Drivers
Most companies give a discounted rate for a part-time or occasional driver. This is of no use if the part time driver is an older driver, but can make a dramatic difference when the part time driver is a young driver. But remember to ask your agent, and not assume they gave you the discount so you can get cheaper auto insurance.
7. Maintain a Good Credit Record
It might seem that is no connection between "Good Credit" and low insurance costs, but many insurance companies will now run credit reports each time you apply for a quote on your car insurance. Many people would be surprised to learn that a "Bad Credit Score" can raise your insurance rate more than having speeding tickets. Not all companies credit score; always ask the agent if they are going to run your credit. If a representative asks you for your social security number, assume they are planning on running a credit check. Verify your credit record on a periodically to check for any errors.
8. Check Your Driving Record
I have had clients whose driving record show accidents and tickets that were inaccurate. Such mistakes happen more frequently than many agents or representatives at the Security of State are willing to admit. These mistakes can significantly increase the cost of your insurance. Check your credit record on a from time to time to check for any errors.
9. Shop Before You Buy The Car
Insurance carriers heavily surcharge some cars, motorcycles or trucks. That means that even though two cars that have the same value, might have dramatically different insurance rates.
After you buy the car, you might find that the monthly insurance payment is more than the monthly car payment. This is particularly true for the combination of young drivers and high performance cars.
10. Don't Put In The Small Claim
Insurance works best when it is used for which it was intended- to protect you against major financial losses. Insurance companies today share loss information through a central network. As a result these losses follow you from company to company. Companies count "Frequency" as well as total pay-out; so if you have $600 in damages and a $500 deductible
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