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Slash Your Car Insurance Rates
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If you’re like most drivers, your car insurance rates have been increasing each year with no end in sight. Even though your vehicles are getting older, the price you pay for your auto insurance goes up every year.
With more than 30 years of experience in the property and casualty business, I’ll share with you some of the tips and techniques that will help slash your rates.
1. Raise Your Collision Deductible. By merely increasing your deductible from $100 to $250 or $500, you can potentially save hundreds of dollars per year. Increasing your comprehensive (fire, vandalism, theft etc…) deductible will also result in additional savings. Keep in mind that raising your deductible will also result in higher out-of-pocket costs if you submit a claim.
2. Call your agent and ask what discounts on your auto insurance that you are NOT getting. Typically, many individual and families are eligible for specific discounts and may not be receiving them. It never costs anything to ask.
3. If you have a teenage driver, a “good student” discount is available on the car they drive. Often, the rate reduction is as much as 10%-20% on portions of the premium. A “B” average will be needed to qualify.
4. Shop around! By comparing what you pay to rates from other carriers, you may be able to slash 20% or more from your premium. Although you may think your rates are low, it’s possible that another company may be able to offer identical coverage at a substantial savings.
5. Combine policies with the same company. If you have your auto and homeowner’s insurance with different companies, contact each company and request a quote for a package that includes both lines of business. You may be able to save hundreds of dollars per year.
6. Improve your credit rating. The vast majority of auto insurance companies consider credit when determining what rate you will pay for your coverage. The difference between excellent credit and below average credit can have a big impact on your rate.
7. If you recently retired or reduced the distance you travel to work, contact your agent. Your rate will probably reduce on the car you drive.
8. Slow down! If you get a moving violation, not only will the ticket cost you a hundred dollars (or more), but it’s possible that you’ll lose a discount on your policy. Also, if you want to change policies, that ticket may keep you from being quoted the lowest rates.
9. Check the cost of insurance BEFORE you buy a new car. You may be surprised how inexpensive some vehicles are to insure.
10. Buy a donkey and never worry about high rates again. OK…that’s a bit extreme. Consider buying a used car instead of a new one. Because rates are based on the value of the vehicle and cost of repair, you’ll notice your rates are less.
Ed Harris is the owner of Virginiacarinsurance.com, the home of free Virginia car insurance quotes. For Ohio residents, he also offers free online Ohio car insurance quotes.
Article submitted Saturday, February 19, 2011 & read 44 times.
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