Low Cost Auto Insurance Strategies
Low Cost Auto Insurance – Five Ways to Save
If you are scouring your monthly home budget for more ways to stretch those dollars, don’t neglect your car insurance rates. Many people put off getting new quotes each time their policies come up for renewal, but a little effort might add up to some big savings.
So what are some good ways to save on car insurance?
1. You Really SHOULD Shop Around
Most of us know that it’s a good idea to get multiple quotes for things like home repairs or home insurance. Well, it’s a good idea for Auto Insurance as well. Your company may have had the best rates, along with the best coverage, in years past. However,
you may be surprised to learn that things have changed. A smart consumer will always, always compare prices.
2. Do a Policy Audit With Your Agent
You may me eligible for certain discounts and not even know it. You and your auto insurance agent, or customer service representative, should spend some time once a year re-examining your driving habits, insurance needs and potential discounts.
- Are you eligible to take defensive driving classes? Doing this may save 10-20% on the collision portion of the policy.
- Are you eligible for a package discount? Some insurers will give a hefty discount if you insure both your home and auto
- Do You Have Young Drivers? If your teen driver maintains good grades, your insurance company may offer a discounted rate. The savings may be as high as 20% in some cases.
3. Improve Your Credit Report
Yes, that’s right. Your credit report can — and does — affect your insurance rates. Improving your credit scores should help to lower other insurances as well, such as homeowners.
4. Reconsider Your Deductible
If your current deductible is $250, consider bumping up to $500. If the car is quite a bit older, and you are able to accept even more responsibility for minor damage, see if you can go higher than that, up to $1,000. The savings can be quite good.
5. Getting a Different Vehicle?
If you are looking to get a different vehicle, either new or used, take the time to do a bit of research on the make and model before you sign on the dotted line. Cars that are deemed ‘more safe’ are usually less costly to insure. Also, some car and truck models are more prone to theft and vandalism. Keep this in mind and be sure to get a quick car insurance quote before you finalize your purchase.
