Auto insurance can make a big hole in your pocket. Insurance
premiums vary hugely between companies, agencies or agents, brokers, and
of course the make of the car you own and your credit rating. To pay
lower insurance you must:
1. Always maintain a good driving record.
2. Never accept the first estimate you receive. Be wise and check
comparisons of different insurance providers at your state insurance
department website or phone them.
3. Complete a market survey well before you select a car make and
make a comparative table of insurance and other hidden costs. Find out
which features increase insurance premiums and which ones reduce
premiums. For example if parts of a certain make are hard to find or
expensive such cars will have huge insurance premiums, similarly
installation of anti-theft devices or an extra brake system lowers
insurance premiums.
4. Choose to have higher deductibles this will reduce the burden by
at least 15-25%. But look at your finances first and determine whether
you can set aside US$ 200-US$1000 periodically to create an emergency
vehicle fund.
5. Consider availing the insurance from the same company that has you
covered for home, accident, or life. Many companies offer concessions
to clients who have more than one kind of policy. Known as a
multi-policy discount this could benefit you.
6. Most policies are based on your personal credit record. Having an
unshakeable credit history can lower costs. Pay bills on time, dont
avail too many loans, and be sure that credit balances are as low as
possible.
7. Avoid duplicating medical coverage. Find out whether eliminating
medical cover in auto insurance will reduce your premiums or the
personal injury protection costs. In some places the reduction is as
much as 40%. So, if you have adequate health insurance you could weigh
the pros and cons of eliminating this in auto insurance.
8. Find out if insurance premiums are dependant on where you stay.
Sometimes staying in a rural community or suburbs as against the city
center could save you a bundle.
9. Take advantages of discounts like low risk career, low mileage,
taking public transport to work, car pooling, no violations or
accidents, taking defensive driving courses, following safety rules and
regulations, or having a child who studies far away.
10. Use the reductions offered for insuring more than one car
belonging to the family. Many companies have special offers for
corporate organizations, club members, professional groups, alumni
groups, or clubs.
Make time to make a big saving. Check through all the parameters and
mark areas where a saving can be made. The market is competitive and you
can be the beneficiary.
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