Save Money on Car Insurance

Desire to save money in your car insurance? Here are suggestions from the Insurance Information Institute (III).

1. Comparison shop. Use consumer guides online out of your state’s insurance department. These guides tell you what coverages you’ll need and show you sample auto insurance rates, usually in the biggest companies. Get auto insurance quotes from no less than three insurers.

2. Require higher deductibles. When you file a claim, a deductible is the amount of money you spend before your car insurance company pays for the rest of the damage. Higher deductibles mean lower premiums. For instance, increasing your deductible from $200 to $500 on collision and comprehensive coverage could reduce that portion of your premium by 15 to 30 percent, according to III.

3. Drop collision and/or comprehensive coverages on old cars. If your car is totaled in an accident, you get the actual cash value of the car. Although car insurance companies use their very own criteria to determine fair market price for vehicles, you can get a ballpark estimate from Kelly Blue Book. For older cars, it may not make financial sense to pay for premiums over several years to maintain collision and comprehensive coverage.

4. Buy a “low-profile” car. Cars that are expensive to repair or which have a high theft rate have higher car insurance rates.

5. Make the most of low-mileage discounts. Some automobile insurance companies offer discounts to drivers who put less than a predetermined number of miles on their vehicles each year. And with the high cost of gasoline, driving less makes financial sense.

6. Consider car insurance rates when making a move. Motor insurance rates are usually lowest in rural communities and highest in cities, where more visitors congestion occurs and the likelihood of theft increases.

7. Inquire about discounts for air bags and other safety features. Your insurance broker can tell you know about these discounts whenever you purchase your coverage. Most policies give discounts for air bags.

8. Ask about antilock brake discounts. Some states require insurers to give discounts for cars designed with antilock brakes. Some automobile insurance companies give the discount wherever you live.

9. Enquire about other discounts. Some insurers offer discounted auto insurance quotes for insuring several car, having no accidents in 36 months, being a driver over age 50, taking driver-training courses, having antitheft devices and like a long-time customer. Plus, remember good-student discounts when you’re insuring a student who drives.

10. Purchase your home and auto policies in the same insurer. This can entitle you to a multiline discount.

11. Find out about group discounts. Sometimes group auto insurance policies are available through large employers, professional groups and other organizations.

12. Maintain good credit. Your credit rating may affect your car or truck insurance rates. Utilization of credit scores in setting car insurance prices varies by state and insurance provider, but statistics show that drivers with good credit records generally have fewer accidents.
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