It costs a lot to get car insurance. No one would argue on that.
Without one it would cost you more to drive if you had an
accident. Still, you don't want to pay too much for it. So how
can you save money on your car insurance premium?
Check several insurance companies. Don't fall for the headline
that says they got the best insurance deal in town. Find out for
yourself by shopping around. It would be to your advantage to
compare at least 3 quotes.
Find out how the prospective company is doing financially. Does
the company have any complaints against them? What is their
reputation for customer service? A good indicator of this could
be seen on your initial visit. For example, did they take time
to answer your questions or did they try to cut you off fast?
Taking note of these things could save you some regrets later on.
Check insurance costs for the car you intend to buy. Your
premium will be based on the particular cars sticker price,
repair expenses, overall safety record, as well as potential
theft possibility. Consider features that reduce the risk of
injury or theft, such as daytime running lights or anti-theft
equipment. Because the car insurance company may offer you
premium discounts for a car with those features.
Consider paying a higher deductible. It may sound odd. But if
you increase your deductible from $300 to say, $500, the cost of
your collision and comprehensive coverage would be reduced
anywhere from 15 to 30 percent. A $1000 deductible would save
you even more, perhaps more than 40 percent.
Reduce coverage on your older car. The rule of thumb is to
multiply your premium by 10. If your car is worth less than that
total, think about dropping collision and comprehensive. You can
check your cars value online at
www.kbb.com.
Insure your home and car at the same company; you may get a
reduction in your premium. And if you have more than one car,
that may also get you a reduction. Don't be afraid to shop
around.
If you drive far less miles than the average driver, ask about
Low Mileage Discounts. The car insurance company may offer you
for low-mileage discounts.
Other discounts may also be available. If you have no accidents
or moving violations for a number of years, you can get a
discount. A defensive driving course may also win you a discount.
Remove unnecessary items from your policy. Many lenders will
attach items like roadside help to your loan package. This is a
good thing, but most car insurance companies already offer this
on a full coverage policy. You need full coverage when financing
a new car.
As you can see, there are quite a few options for getting that
premium down.
A final word; what works for you over the next few years may not
work later, depending on your situation. Don't be afraid to be
an alert consumer and reconsider your needs on occasion.
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