Save on Car Insurance

Save On Car Insurance

10 tips that could save you a ton!

Gas prices are not the only thing affecting the cost of owning a car, it is worth your while to look at other ways to cut related operating expenses. One great place to start is with your car insurance. You are required to have it by law, but this is no reason to over pay by ignoring available discounts or paying high premiums for the same coverage. You could be leaving a ton of money on the table every year. Here are the ways we personally help clients find the right policy for the right price.  

  1. Do an annual rate check. Check rates from other companies to make sure you are getting the best deal. Of course, personalized quotes aren’t immediate and often require a call back from an agent, but we find this is the best way to identify your possible areas of savings.  Be aware that those quirky characters in auto-insurance TV or online ads might give you more laughs than actual savings, according to a 2009 survey by the Consumer Reports National Research Center. Only 14 percent of 4,500 ConsumerReports.org subscribers who compared premiums found that they would save money.
  2. Pick a top-rated insurer.  “A” rated insurers are typically better than others when dealing with claims, payments, and non-claim problems.
  3. Maintain good credit. It is a fact that a low credit score impacts your premium so regularly check your credit score.
  4. Establish the right deductible. This is a critical decision but if you are a good driver and haven’t had an at fault accident you may want to increase your deductible.  You will pay more if you have an accident but your reward for this risk could be up to a 40 percent savings on your premiums.
  5. Definitely review your liability coverage. Simply put, every time you or someone in your family drives your car they pack every asset you own in the trunk.  Make sure you have enough liability coverage for bodily injury and property damage. Over time, costs and risks increase, and so should your liability coverage.  Minimal coverage gives you minimal protection. It’s not worth risking everything you own!
  6. Report reduced mileage. If you’ve changed jobs, are now working at home, or have become unemployed, call your insurer. By driving less, you may qualify for a lower premium.
  7. Watch crash repairs. Check to see where your insurer sends you for repairs, as the repair shop may push you to use cheaper replacement parts, rather than original equipment from the manufacturer (OEM parts). Tests have found that some non-OEM parts can fit poorly, are more prone to rust, and don’t necessarily meet federal safety standards.
  8. Choose the right car. Vehicle damage and the cost for repair is a big part of the price of auto insurance. When looking for a new car, compare the data on collision by vehicle model. The Insurance Institute for Highway Safety (IIHS) has information and losses by vehicle model at: Insurance Losses by Make and Model Your car dealer should also have a booklet on relative collision insurance cost produced by the National Highway Traffic Safety Administration (NHTSA).  Estimated insurance fees are part of the owner cost information Consumer Reports provides online for all new models.
  9. Beware of scams. Crooks can rip off drivers with staged accidents, which could result in an insurance claim against you. To avoid this unpleasant scenario, follow good driving practices and if you are in a crash, photograph the crash scene and always call police to report the incident.
  10. Take advantage of discounts. Discounts are available for drivers considered to be lower risk (older, married, and/or long safe driving record) or those who take a driver-training course. Anti-theft and certain safety equipment can also reduce your cost. Finally, bundling insurance with auto and home is another option to consider, as many companies offer a multi-line discount.

 

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