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Lowering Your Auto Insurance Costs
By Michael A Silva
It is very important to understand that prices vary from company to company, so it pays to shop around. Getting at least three price quotes will serve you well. You can either call companies directly or access information over the web. State insurance departments are also a good source of prices and options available.
The main reasons for buying insurance are to protect you and your family financially and provide peace of mind. Finding a company that is financially stable is very important. You can check the financial well being of insurance companies using rating companies such as A.M. Best and Standard & Poor's. You might also try some of the more popular consumer magazines.
You should also get quotes from different types of insurance companies. Some sell through their own in house agents and others through independent agents who offer policies from several insurance companies. There are also insurance companies that sell directly to consumers over the phone or via the Internet.
Be careful that you don't shop price alone. Asking friends and relatives for their recommendations is a smart thing to do. Contact your state insurance department and find out whether they provide information on consumer complaints by company. Make sure and choose an agent or company representative that takes the time to answer your questions and address your concerns.
Car insurance premiums are based in part on the car's sticker price, the cost to repair it, its overall safety record, and the likelihood of theft so make sure to check into insurance costs before you buy a new or used car. Ask about discounts for features that reduce the risk of injuries or theft. Things such as daytime running lights and anti-theft devices for example. The Insurance Institute for Highway Safety can provide you with information that will help you decide what car to buy.
You might be able to lower your costs substantially by requesting higher deductibles. Increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by up to to 30 percent. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim.
Dropping collision and/or comprehensive coverages on older cars that are worth less than 10 times the premium is definitely something to consider. You can research the value online at Kelley's Blue Book.
Many insurers will give you a discount if you buy two or more types of insurance from them or if you have more than one vehicle insured with the same company.
Establishing and maintaining a solid credit rating can help cut your insurance costs. Insurers are increasingly using credit information to price auto insurance policies. Check your credit record regularly and correct any errors promptly so that your record remains accurate.
Some companies offer low mileage discounts to motorists who drive a lower than average number of miles a year.
There are also companies that offer reduced rates to drivers who get insurance through a group plan from their employers. You may also qualify if you belong to a professional, business, alumni or other groups and associations.
If you have not had any accidents or moving violations for a number of years you may also qualify for a discount. Taking a defensive driving or drivers education course may also qualify you for a lower rate.
About the Author
Michael Silva has been conducting business on the Internet for the past 9 years and has extensive knowledge in the areas of marketing, promotion, training and affiliate programs. You can find 1000's of articles on a wide range of topics by visiting us at http://www.ahowtoguide.com
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