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Monthly Archives: February 2017

Tips to Pick The Best Policy and Company Insurance

Read carefully

Lay the policies down side by side. Some insurers are able to offer low rates by giving skeleton coverage. You gave the companies identical information but they may not have returned identical policies. Check the deductibles on the policies. Deductibles weigh heavily on the cost of insurance. See if all of the policies offer uninsured driver clauses. Look closely at coverage areas. Some companies restrict their policies if you drive extensively out of state.

Type of company

Just as with home loan companies there are auto insurance companies that specialize in writing insurance for people with poor credit and/or poor driving records. If you have requested a quote from this kind of company their response may automatically be considerably higher than other companies. If you don’t have poor credit and/or a poor driving record immediately eliminate from your search companies that serve these markets.

Investigate company records

States keep records of how insurance companies respond to their customers. Files on insurers will include their response times, their histories of paying claims, any complaints or suits filed against them as well as other important consumer information. Note and eliminate any companies which have numerous complaints against them.

Remember, having a low car insurance premium may not be worth much if you don’t have the coverage you need or can’t get your car insurance company to respond when you have an accident.

Please get as many quotes as possible to insure that you will be paying as little as possible while getting all of the coverage that you need without paying for what you don’t.

 

Ways to Lower Car Insurance Premiums

1. Get Multiple Quotes

Find out what your State’s requirements with respect to car insurance are. Go to the National Association of Insurance Commissioners web site. Then choose your state’s website and click on it. You will the find complete information about the coverage you need.

Now visit different car insurance websites. Click on the get a quote links. Just key in your information and get quotes from at least 5 companies. Auto insurance premiums vary greatly from one insurance company to another.

If you fail to understand some part of the policy then get the insurance agent to explain it to you. Always read the fine print to understand what cover is entitled to you and most important what cover you are EXCLUDED from.

2. Save Insurance Premium Money On Older Cars

If you own car that’s not worth much say less than two thousand dollars then drop the collision/comprehensive coverage clauses on your car insurance cover. If you car suffers extensive damage or is totaled then you will probably never recover much in damages and it is most likely that you will pay more in car insurance premiums for the extra cover.

Get you car valued for its fair market price either through a dealer or using the Kelley Blue Book. Then decide if you need the collision or comprehensive coverage for your older car.

Start putting away that extra premium amount you would have paid for the collision/comprehensive cover for the older car in a savings account. You will probably get a head start for that new car you are dreaming about!

3. Drop Duplicate Medical Coverage

If you are already covered under other policies for medical insurance in case of accident and are already paying a hefty premium on that then you eliminate the duplicate medical coverage under your car insurance. But always ensure that you are medical insurance covers you adequately for any car accident related injuries. Only then ask for the dropping of this provision in your auto insurance policy.

4. Buy A Car With A Low Profile

Safe, low profile cars qualify for lower premiums. A high profile car means more premiums. If auto insurance costs are high on your mind than choose a safe, reliable car.

5. Low Mileage Qualifies For A Discount

The lesser you drive the car the lesser your auto insurance costs. So consider car pooling, using public transportation for long commutes to reduce your auto insurance premiums.

6. Safety Features Qualify For Discount

Do you know the more number of safety features in your car qualify for more discounts on your car insurance policy. Specifically, ask for these discounts if not mentioned in your quote.

Also, many companies offer discounts if you install safety features in your car like an active or passive auto anti-theft device in your car or if you etch the vehicle identification number in the corners of your windows. Park your car in a protected area. Always lock your car. Never leave packages or belongings in sight in your car. Avoid known high-risk parking areas.

7. Ask About The Other Discounts

Always ask about the other discounts that you might be entitled to. For example having a 20 year accident free safety record could qualify you for a discount on your auto insurance policy so always ask.

8. Ask About Area Based Car Insurance

If you are considering a move from a highly congested area to a rural area then your car insurance premiums may be considerably reduced based on the profile of the area you moving into.

9. Ask For Higher Deductibles

Deductibles are the amount you pay before you make your claim. Higher deductibles on collision and comprehensive (fire and theft) coverage will substantially reduce your costs.

10. A Clean Credit History Can Reduce Car Premiums

Most of the insurance companies will check your credit history before granting your application. A clean credit history and a reasonably clean driving record represent a smaller risk for the insurance company and you may well qualify for a preferred policy with lower premiums.

 

Easy Tips to Save Money on Car Insurance

1. Shop Around. Yes, it pays to shop and compare. Regulatory changes at the state level may have encouraged new companies to jump into the market, thereby increasing competition and reducing rates for consumers.

2. Raise Your Deductible. A $200 deductible sounds wise until you learn that the cost for having a deductible at this threshold can drive your rates through the roof. Consider a deductible as high as $1000 to save on premiums. You can always fix minor mishaps on your own.

3. Drop Collision. If your automobile is worth less than two or three thousand dollars, consider dropping collision altogether. Sure, you will get nothing from your insurer if your car is totaled, but the savings you realize by dropping collision can be used as a down payment for your next car.

4. Look For Discounts. If your car has certain safety features, make sure that your insurer is aware of this. Older cars, for the most part, do not have air bags but if you have a model that has airbags, you will save money on your insurance.

5. Business Deduction. If you drive your car for business, a portion of your insurance costs may be deductible. Conversely, your rates may be increased if your insurer knows that you use your car more for business than pleasure.

6. Combine Policies. Purchase your homeowners, auto, and life insurance policies from the same broker and you may save on your premiums. Some insurance companies reward policyholders if they “one-stop” purchase all of their insurance needs through one company.

7. Consider Before You Buy. The Porsche Boxster may be your ideal car, but it could also sharply raise your insurance rates. Maybe a less sporty model would be ideal.

8. Driver’s Ed Course. You may have taken a driver’s education course and your insurance company has not factored that in when determining your premium. Let them know that you are a safe driver!

9. Deleted Points. If you had moving violations that were reported to your insurance company, make sure that your insurer adjusts your premium downward if several years have gone by since the occurrence. You could be paying a premium higher than you deserve.

10. Check Your Policy. If the insurer has the wrong address, town or zip code on your policy you could find yourself paying more than you should.