Cheaper Vehicles Require Less Insurance Coverage
If your monthly rate is more than 1/10th the worth of your vehicle, you may not have the most suitable insurance policy. Cheaper or older cars with full coverage may not be so cost-effective.
Dropping your insurance coverage to Liability Only can be another quick solution to save. Find out how much your vehicle is worth. This will help you determine if you are paying too much on monthly premiums.
You can check your car’s exact price value at the Kelley Blue Book website.
Credit Is Golden
Every single insurance policy is affected by your credit. The better your credit is, the better the chances of getting cheaper rates. There are many things that you can do to increase your credit score. Try to keep your credit balances as low as possible, never miss any bill payments, avoid late payments, and try not to open any credit lines that you do not necessarily need.
If there are any errors on your credit report make sure to correct them as soon as possible, the longer they remain on your credit, the more they will damage it. It is highly advised that you check your credit often but not too often. You can check your credit score at http://www.myfico.com. But remember, every time someone runs your credit report, it counts as an inquiry and lowers your credit score.
Online Auto Insurance Quote
It’s always a good idea to check the price of car insurance before jumping into a newly owned vehicle. Each car has a different cost of repair, safety ratings, theft stats, and total value; which are all determinants to auto insurance premiums. Click here to start your free online auto insurance quote!
One useful way to find your vehicle’s safety ratings is by going to the Insurance Institute for Highway Safety website. It is always a good idea to check on this site before buying a new or used vehicle.
Knowledge is key! There are many features that your car may have which actually reduce your monthly insurance rates. It is important to know what these are so that you can report them to your insurance agent. Some of these features which may earn you discounts include air bags, anti-lock brakes, alarm systems, strong safety ratings, and more. (Read about more auto insurance discounts).
Promotions and Discounts
There are many promotions and discounts available that are not advertised. Be sure to ask your car insurance company about the discounts they may not be advertising before you sign up for a plan. Customers that have taken defensive driving courses may be eligible for certain discounts, as well as good student discounts for policy holders who have children under their account with GPA’s of 3.0 or above. (Learn more about these kinds of Discounts).
Raise Your Deductibles
The amount you are required to pay in the event of an insurance claim is called your deductible. One way to substantially lower your monthly insurance rates is to raise your deductibles. You can lower your collision and comprehensive premiums by up to 30% if you raise your deductible from $200 to $500. A 40% price reduction may be achieved by raising your deductible to $1000. (Be aware not to set a deductible that is too high for your financial allowance).
Shop Around For The Best Deal
It is recommended that you have 3 different companies to compare with. Take numerous Online Auto Insurance Quotes or call companies directly to gather necessary information about what they can do for you. The best way to save money is to be a smart shopper. A helpful index is the State Insurance Department website. They provide in-depth comparisons of the biggest insurance companies in the U.S. and list all websites and phone numbers for these companies as well. This can be found here.
When shopping around, make sure you get quotes from different companies, as some are structured differently than others in regards to your specific needs. Some sell insurance policies using their own agents while other companies use independent agents who can provide insurance policies from multiple different insurance firms; therefore giving you more beneficial comparisons. Find the company that is most tailored to your needs!
When seeking car insurance, you must always remember to choose an insurer who is dependable; with a good strong history and standing. After all, you will depend on them when you’re in need. You can check the strength of many different insurance providers by visiting the A.M. Best website, reading consumer magazines, or by visiting the Standard & Poor’s website.
Using The Same Insurance Company
Using The Same Insurance Company Since most insurance companies give you a great deal if you have more than one policy with them, it is always a good idea to insure your home and automobiles with the same insurance provider. Customers who ensure multiple cars get discounted rates as well. Loyal customers are rewarded with bigger savings, so it’s always a good idea to ensure multiple claims under one company.