Auto insurance can be one of the most costly monthly bills for a large portion of Americans. With more and more people looking for ways to achieve money in 2010, saving on auto insurance becomes a popular topic. Below are a few simple ways to help lop your auto insurance costs.
The easiest way to gash your insurance cost is to lower your coverage. By lowering your liability and comprehensive coverage amounts, you can save hundreds of dollars per year. In an example insurance plan, the driver has bodily injury coverage of 50,000/100,000 and pays $950 per year for this level of coverage. If they were to reduce the coverage to the 25,000/50,000 level, the cost would be reduced to less than $800 per year. Reducing coverage amounts increases your financial risk but reducing unnecessary coverage amounts keeps you fully protected while also saving you money.
In addition to lowing your coverage amounts, increasing your deductible can also cut your insurance cost. Some auto insurance policies include a collision deductible starting at $100. Increasing this number to $500 or $1000 can save the driver a significant amount. Increasing your deductible does not gash your coverage, its impact is felt only when a claim is made on the policy. Increasing your deductible can be especially beneficial for cramped spend drivers or drivers with an accident free record.
Another simple change to reduce costs is to eliminate any small policy additions which may be redundant. Some insurance policies come with small additions such as roadside assistance or rental car allowance. These additions can be useless if you have similar coverage elsewhere. Some drivers will have roadside assistance or rental car allowance through their cell phone policy, car warranty or in-car assistance program such as OnStar.
It is possible to cut your insurance cost while maintaining the same level of coverage. One way to do so is to change insurance providers. With the large variety of car insurance providers, you may find cheaper rates at a different company. Companies like Progressive and Geico provide drivers with an online quote making it easy to compare prices. The same coverage, for the same person can be drastically different at two different companies because of varying company policies and associated costs. If you had an insurance claim four years ago, and your novel company keeps a five-year history, you can save money by switching to a company with a three-year driver history policy.
You may also fetch savings by combing your current policies. If you have homeowners insurance and car insurance through separate companies, you may procure a nice discount by moving your policies to the same provider. Find the company which allows you to join the most policies and gives you the biggest discount for doing so. Combing your car insurance with your health insurance, renters insurance or homeowners insurances can provide a large discount.
Keeping the same coverage but changing your covered car can also back you cut costs. A newer car costs more to insure and rates can be higher depending on the model and type of car. If you trade in your sports car for a sedan, you will fetch significant savings. Cars can also arrive with distinguished savings attached. Models with high safety ratings will yield a bigger insurance discount.
Cutting your insurance cots can also be as simple as searching out all of your eligible discounts. Being a member of a obvious groups, such as depart rewards organization or college alumni associations, can mean savings on car insurance. Ask your group if they provide any insurance discounts as some alumni associations offer up to as much as a 15 percent savings. Some insurance companies also offer military and college graduate discounts.
Remember to keep your policy up to date at all times. Drivers can receive discounts for where they live, how old they are or if they got married. If you move, even with the same state it is important to update your information. Insurance costs are typically cheaper when you live in less populated areas. Drivers can recieve a discount for being married and for being in a household with multiple policies so updating your status can save you money.
Filed under Car Insurance by on Feb 20th, 2011. Comment. 
Shopping for car insurance can be tedious and time consuming, but it can also save you hundreds of dollars if you know what to look for. First of all, no two insurance companies are the same. Some are not reputable or salubrious. It is important to check the company’s AM Best rating before purchasing insurance from that company. A rating of “A” or higher will shriek you that the company is reputable and financially stable. If not, there is a chance that your claims may not be paid properly, or that you will not be treated well. Also, check with the BBB to find out about the company’s track represent. You want to sight for a company that has an excellent rating with the BBB. It is also important to check the number of complaints made about that company. If there are more than a handful, that can be a major red flag. Support an eye out for how the company handles the complaints it receives as well. If the customers were still unsatisfied after the insurance company dealt with their complaint, chances are they are not customer friendly.
When shopping for auto insurance, be sure to compare apples to apples. Choose on the coverage amounts and options you’d like to have, and compare those same options and amounts with the various companies to gather an accurate comparison. When deciding on coverage amounts, you may want to speak to an insurance agent who you can trust to teach you what you need, and also what you don’t need in an insurance policy. The amount of liability insurance you need is related to your income and assets, so there is no such thing as one size fits all insurance coverage. It’s valuable to find out what your needs are so that your insurance policy protects your assets in the event of a liability claim being filed.
Also check the company’s claims process. Find out if they have a 24 hour claims department. Find out if they have a local claims office. If not, repairs will take longer in the event of an accident. Avoid insurance brokers, because they add on a hefty broker fee of anywhere from $75-$200 to your policy. Look for companies that provide a local agent or representative who will personally handle your claim. Check to see if the insurance company will allow repairs to be made at the facility of your choice, or if you will be forced to choose from their approved list of repair centers. Determine if you need to add towing or roadside assistance to your insurance policy, and also if you would need a rental car in the event of a claim. Some companies include these services in the price of the policy, and others charge an extra fee. Be sure that you know what the charges are before selecting a policy.
When it comes to paying your bill, some companies offer a discount for paying the whole term upfront. Some companies may offer discounts for being a good driver, having more than one car, or having another policy such as a homeowner’s policy with the same company. Be sure to bag out about all the discounts available to you and which ones you may qualify for to ensure you are getting the best designate possible. Discounts may also apply if you are employed by sure companies or have a profession such as a teacher, nurse, or law enforcement officer, so be sure to check with your insurance company for a complete list of discounts.
Once you have gathered quotes from several companies, take some time to compare your results. Carefully review the coverage, charges, claims procedures, company ratings, etc. After you have reviewed all of the information, you can make an educated choice and pick a company that will save you money and also be trustworthy.
Filed under Car Insurance by on Dec 18th, 2010. Comment.
