7 Ways to Save on Auto Insurance
Here are 7 tips for saving on car insurance:
Shop around
The best way to save on auto insurance is to shop around. Whether it is by going to an insurance broker or purchasing auto insurance online, shop around for the best deal for you. Get as many quotes as possible and then pick the one that suits you best. Do not just choose the cheapest quote though, as the most important thing is to make sure the policy will cover you fully.
Discounts
Many times with auto insurance policies there are discounts available. Discounts include good student, defensive driving, retirement, college students living far away from home, loyalty, and safety discounts. Research the different discounts and see if you fall into any of the categories and be sure to let your carrier know this in advance of purchasing the policy.
Get rid of some coverage
If you happen to have an older car, you should consider eliminating the collision coverage. This can account for a good portion of the cost on the premium and it only covers the value if the car has to be replaced.
Choosing a car
If you want to buy a new car you should know which cars are stolen more, as they will cost more to insure. You can ask an insurance agent or look online to see what cars are stolen or damaged more often. Cars that are safer are also less expensive to insure than ones that are more susceptible to damage.
Improve your credit
Your credit report can have an affect on the cost of your auto insurance. The better your credit, the more likely you are to receive better rates. If you have bad credit you may have to pay 30-40% more than if you have good credit. By improving your credit score and making payments on time, you may pay less for auto insurance.
Pay your premiums all at once
If you break your premiums up in monthly payments there is generally a charge that goes along with that. If you pay your premium for car insurance all at once, you do not have to pay that charge.
Install safety features
If you have safety features installed in your car that will make it less likely that it will be stolen, your rates could be lower. Such things as safety locks and car alarms are examples of what you can install on your car to get lower auto insurance rates.
Check out the following Web sites to save on car insurance or get quotes:
Investing Advice
Personal Finance
Glossary
Site Resources
Prepackaged Bankruptcy
A "prepackaged bankruptcy" is where a company and its creditors agree to a plan of...
What Are VIX Options?
The Chicago Board Options Exchange Volatility Index uses the market ticker symbol...