10 Tips to Help You Save Money on Car Insurance
Having car insurance is a very responsible and prudent move for any car owner. It just makes good common sense to have insurance on something that you need and will be using every day. But it can get pretty expensive. If you don’t follow helpful tips and tricks, car insurance payments could really put you in a financial hole. But there is a brighter side to car insurance. Car insurance premiums can vary, and the price range is based on a variety of things. There are a lot of details you can check and verify, before committing to a certain premium. There is also some wiggle room to be sure that you can still maintain your financial freedom even after having your car insured. Here are a few tips on how you can save money on your car insurance.
Look at several options for your car insurance
Before making a commitment, it is always best to look around first. Prices and premiums can vary from one company to another. It is best to get at least three quotes from three different insurance companies. It is also good to ask advice from friends and family who have car insurance so you can decide which company is the best. Once you have compiled a good list, you can compare and pick the best one for you.
Cheap isn’t always the best
When you are looking at car insurance, keep in mind that the cheapest rate isn’t always the best. You also have to look at the insurance company and their history. You have to do your due diligence and make sure that you are signing up with a reputable company. You can do the research yourself on the internet, with your state insurance department, or online consumer information sites. These sites provide information to help you decide which insurance company to pick.
Raise your deductible
Deductibles are something that you have to familiarize yourself with when looking for car insurance. When you have high deductibles, you can lower your premium costs, which will ultimately help you save more money. But you still have to be careful. You have to make sure that you have enough money set aside to pay the higher deductible when you have to file a claim.
Bundle your insurance
If you have life insurance, home insurance, or any other insurance, you can qualify for a lower price or rate for car insurance. Many insurance companies will give you a discount if you purchase more than one type of insurance from them. Some companies even offer lower rates if you purchase insurance on more than one vehicle. If you are with a company for a long time, you may qualify for a price break on an additional premium for your vehicle.
Reduce optional insurance on your older car
You can save a lot of money by reducing the optional insurance on an older car. If your car’s value is less than 10 times the insurance premium, then having comprehensive coverage or collision insurance is not really cost effective. You can find out if this applies by researching the value of your car. There are websites that can appraise your car by its type, model, and age. Most websites even offer this service for free.
Have good credit history
Just like any other kind of insurance, you can be sure that the insurance company will also do their own research and check your record. They will definitely take a look at your credit history. Having good credit history has many benefits, including lower insurance costs. If you have good credit history, then you can get cheaper or better rates and better premiums. You can even use your credit history as leverage to get better rates from your insurance company.
Take advantage of low mileage discounts
There are a lot of companies that offer special deals and discounts for motorists that drive less than the national average number of miles per year. Having low mileage can make you a good candidate for a great car insurance premium. Low mileage discounts are also given to drivers that carpool to work or school. Keep your average mileage information available the next time you apply for car insurance.
Don’t get coverage that you don’t need
Most car insurance packages have several different kinds of coverage that just add to the cost of your premium. But actually, liability insurance is the only auto insurance drivers are required to have. You can save a lot by dropping the additional types of coverage that you don’t need.
There are a lot of different kinds of coverage, such as collision and comprehensive that cover accidents and damage. But if you are confident with your driving skills and the roads that you drive on every day, you can buy only the minimum required coverage and save a lot of money.
You just have to be aware that, if you are in an accident, you may be personally responsible for damage and injuries to yourself or others that you don’t have insurance for.
Most insurance companies pay attention to each person’s driving record. The insurance company can easily acquire this information from public records. If you have a lot of accidents on your record, chances are your rates will be high. Incidents such as speeding tickets and traffic violations can also drive up the cost. But if you have a clean record, your premiums are going to be lower.
Have the right car
Insurance companies also look at the type of car that you drive. There are insurance companies that take charge more for certain types of cars. They consider factors such as price, the cost of repairing your particular model, the safety record of the type of car, and the chances that the car will get stolen. This does not necessarily mean that you should trade your car because it is a high risk vehicle. But if you haven’t purchased a vehicle yet, take this into account as well.
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