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posted by on Jul 21

One of the things that many insurance brokers would fail to inform you is that there are actually a number of different ways on how you can actually save money by cutting back on your premium payments without having to lower the amount of your insurance coverage. Here are just some tips that you can do to cut back your current premium payments and save money.

Avail of Discounts

Car insurance companies offer a variety of discounts to their policy owners which would greatly help you lower your current premium rate and help you save money. For example, if your car comes with a number of safety features such as anti-lock brakes, anti-theft devices, airbags, and automatic seatbelts, you can request your insurance company to apply a safety discount on your premium payments. The types of discounts offered by insurance companies and their rates differ from one company to another so make sure to contact your insurance company to check which discounts would be applicable to your situation.

Raise Your Deductibles

Another way of lowering the amount of premiums you currently pay for your car insurance policy is to increase the amount of deductibles you are willing to pay to your car insurance company. Deductibles refer to the amount that you have to first pay your insurance company before you can file for a claim or request for a reimbursement. The higher you increase your deductibles, the higher the amount of discount that can be applied to your policy’s premium payments.

Combine Insurance Policies

Instead of getting a separate insurance policy for your home and your car, check with your insurance company if they offer combination insurance policies that would allow you to cover both your home and your car by making just one premium payment. Some car insurance companies also provide what they call a multi-vehicle insurance policy where you can cover all of the cars and other types of vehicles (i.e. motorcycles and boats) in one insurance policy.

Maintain a Good Credit Record

Your current credit score or standing can have an effect on the amount of premiums that you pay for your car insurance. Most car insurance companies use your current credit score and standing can help them determine your ability to make payments on your car insurance policies. The better your credit score is, the lower the rate of your premium payments will be on your car insurance policy.

posted by on Mar 18

posted by on Jan 8

For automobile drivers, auto insurance is a necessity. In fact, it is a law in most states that all drivers have at least liability insurance. This type of insurance protects the owner and other drivers from damages and losses sustained as a result of traffic accidents. Auto insurance is purchased from an insurance company for a premium. This premium can be paid all at once of over a specified period of time, usually one year. If a driver decides to pay his or her car insurance premium over the course of one year, he or she will be required to make twelve monthly payments to the insurance company.

Although it is required in most states to have car insurance, this type of insurance can also be very costly. For this reason, most people are very interested in ways to save money on auto insurance. Luckily for everyone, there are many things that a driver can do to make vehicle insurance less expensive.

The first step in saving money on auto insurance is to shop around before purchasing insurance. The rates offered to a driver can vary drastically from one insurance company to another. By comparing the rates of many different companies, a driver can be sure they are receiving the best deal possible.

Another way to lower the cost of auto insurance is for the driver to raise his or her deductibles. A deductible is the amount the driver must pay out of pocket in case of damage to his or her caused by a car accident. The higher the deductible, the lower the insurance premiums the driver will have to pay. However, before raising their deductibles, drivers should make sure that they can pay the higher amount in the case of an accident.

Purchasing auto insurance from the same company that a driver has his or her home insurance through is another way to get cheap car insurance. Most insurance companies offer special rates to those who purchase two or more types of insurance from them. Moreover, insurance companies will also offer special deals to those who insure more than one car on a single auto insurance policy. This is often referred to as the multi-car discount, and can save a driver hundreds of dollars per year.

A final way for a driver to lower their insurance costs is to maintain a clean driving records. Traffic accidents and tickets typically cause a driver’s annual premiums to rise because they are considered a high-risk driver. The more accidents and traffic violations a person has on their driving records, the higher the insurance premiums will be.

posted by on Apr 8

Aside from the loudly touted safe driver discounts, there are other ways to save money on your auto insurance. Multi-car discounts are always good, but also consider your place of residence and employment. Most insurance companies will give discounts for where you reside. If you reside in a large city full of cars, traffic, thefts, and accidents you will probably have to pay a higher premium than if you reside in rural areas. Should you move if that is the case? Not unless you really want to. There are other ways to save on auto insurance.

Trading Down: Consider purchasing an automobile that may be slightly older but still has a good safety record. Most insurance insure according to purchase price and safety features.

Age: Insurance companies may give discounts for those who are 55 and older. Is there a driver under the age of 21? Think about excluding the younger driver from your auto policy, if you’re really hurting for money.

Driving Record: All drivers on the policy should have good, clean driving records for 3 or more years. If you happen to cover a driver with a not so outstanding driving record, exclude them from your coverage.

Driving Schools: Some insurance companies give discounts for completing an approved driving course.

Recreational and Seasonal Vehicles: Check with your insurance company to see if they offer policies on these vehicles that will cover them during the on season with a slightly lower premium for off season storage.

Dead Cars: A car that has been sitting, broken down for a year or so, should be dropped from your policy, provided it is in accordance with state guidelines. Sell it or you may be able register it as inoperable.

Credit: A lot of insurance companies will look at your credit. Keeping a clean credit history is almost as important as maintaining a clean driving record.

Buy a longer Policy: Instead of opting for the monthly payment option, with some insurance companies, you may benefit from paying your premiums every 3 to 6 months. Some insurance companies penalize the insured for monthly payment options.

Compare: Compare your policy with other insurance companies. Check the smaller ones as well as the larger more public ones. You may be able to find less expensive coverage through a smaller company. Plus you get the extra bonus of more personable service.

Finding ways to save money can be as easy as calling your insurance company and review your policy with them. Most insurance companies like your business and will try to work with you in order to keep you as a customer.