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Car insurance savings:  car insurance tips that save money

Car insurance savings: car insurance tips that save money

 Car insurance savings:

car insurance tips that save money

Are you paying too much for car insurance? If your current car insurance premiums seem too high, the following suggestions may help you save money.

1. Look around

Sure, you've read this tip everywhere, but it's true. Only by researching auto insurance coverage and obtaining premium quotes from multiple insurance companies can you be sure you are getting auto insurance coverage at the best available rate.

When buying auto insurance, remember to compare more than just premiums. Ask how claims are approved, processed, and how quickly they are paid. Check the financial stability of each insurer (there are independent rating services to help with this). Remember, during stressful times like after an accident, you want to be in touch with your insurance company and get help when you need it most.

2. Choose a higher deductible

When making a claim, the deductible is the amount the insurance company will pay upfront before paying the balance. People often choose a lower deductible, which minimizes their out-of-pocket costs if they need to make a claim. But in reality, the higher the collision and collision damage deductible, the lower the car insurance premium. For example, the savings from increasing the deductible from $250 to $1,000 are significant. Save hundreds of dollars on insurance premiums.

The downside, of course, is that you are responsible for paying the deductible in the event of an insurance claim. A difference in car insurance premiums means more money in your pocket, so choose the largest deductible you can afford.

3. Remove or reduce coverage for older vehicles

As your car gets older, you should consider removing accident insurance and/or collision damage waivers from your policy. But you have to think about it - it's not always an easy choice. You'll need to weigh the cost of the two coverages against the value of your car and the deductible you choose. For example, if he owns a 10-year-old car worth about $1000 and the deductible is $1000 for him, the coverage doesn't really help.

Four. Ask about discounts

Most insurance companies offer discounts. While the availability of discounts will vary depending on your insurer, where you live and whether you meet eligibility, make sure to ask if there are any discounts you can take advantage of. The following is a list of a few of the more common discounts (if available in your state, each insurer will have different eligibility requirements):

o Multi-vehicle discount - available if you insure multiple vehicles with the same insurer

o Multi-line discount - available if you insure your home and auto with the same insurer

o Good driver discount - if you have not had an accident or ticket in a long time

o Good student discount - if you're a student with good grades, usually about a B average

o Safe driver discount - if you've taken and passed an accredited driver safety course

o Anti-theft discount - if your vehicle has certain anti-theft devices installed

o Safe vehicle discount - if your vehicle has certain extra safety features

o Retiree discount - if you've reached a certain age, usually 50 or 55

o Low mileage discount - if your vehicle is not driven often

o Occupational discount - if you work in a certain field or hold a certain degree

o Auto club discount - if you are a member of an auto 

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