There is a very good chance that at this very moment you are paying too much for your car insurance. There is an even better chance that you could get a better rate, from another insurance company, than you could from your existing insurer. So why not take an hour or so and review your policy for savings? If you're fed up with the high insurance rates from your current company, shop around for a new one.
You can save on auto insurance in five ways:
1. Make sure you get all discounts for which you qualify
2. Keep a clean driving record
3. Adjust your coverage to assume more of the risk
4. Drive a car equipped with terrific safety features
5. Shop around for a good, low cost insurance provider
Discounts fall into a number of area’s:
· Low-risk occupations
· Professional organizations
· Combined coverage
· Discounts for safety features
· More risk assumed by driver
· Discounts for senior citizens
Low-Risk Occupations
Insurance is a numbers game. Adjustors collect information about what types of people get into accidents. Over the years they see a trend. companies are the same.
Professional Organizations and Auto Clubs
Have you ever been about to pay $100 for a hotel room, only to discover that a AAA discount saves you 15 percent? Now you're paying $85 and feeling proud of yourself. It's similar in the insurance business. Affiliation with AAA — and certain other professional organizations — will lower your rates.
Combined and Renewal Discounts
A big source of savings is to insure your cars with the same company that insures your house. Make sure you ask if combined coverage is available. This will lower your payments on your car insurance and make your homeowner's policy cheaper too. It's also important to make sure you are getting a "renewal" discount that many car insurance companies offer. This is a discount given to people who have been with the same insurance company for an extended period of time.
Discounts for Auto Safety Features
Heading the list of money saving safety features is antilock brakes. Automatic seatbelts and airbags are also frequently rewarded with insurance discounts.
Assume More Risk
Two powerful ways to bring your coverage down is to assume a higher risk. This is done in two ways. The most dramatic reduction can be realized by dropping your collision insurance on an older car. If the car is worth less than $2,000, you'll probably spend more insuring it than it is worth. The whole idea of driving an older car is to save money, so why not get what is coming to you?
Another way to redesign your policy — and save money in the process — is to ask for a higher deductible. The deductible is the amount of money you have to pay before your insurance company begins paying the rest. In other words, you pay for the little dings and bumps and let your insurance company pay for the heavy hits.
As a final note, if you are being strangled by high insurance costs, keep this in mind when you go car shopping next time. The more expensive and higher-performance the car is, the higher the premium will be. This is particularly true of cars that are frequently stolen, or are expensive to repair. The insurance company keeps this in mind when setting its insurance rates for this vehicle. Shop for a low-profile car and get your kicks in other ways. You'll love the savings you'll see on your auto insurance.
As always, speak to your independent insurance agent for a free, no hassle evaluation of what’s in your best interest.
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