Let your fingers do the walking… Remember that Yellow Pages Ad
Campaign? Excellent advice if you’re shopping for auto insurance. Shop
around and do it yearly. Don’t just keep paying the invoice over and
over without comparison shopping. Below are a few suggestions to help
you get the best deal available on your automobile insurance policy.
Insurance agents really have a lot of leeway. They can price match and
they can offer many discounts. There are also many decisions you can
make about your policy that will save you a bundle. For example, if you
change your deductible on your collision from a $50 deductible to a
$1000 deductible, you’re inline for a huge premium savings. If you
don’t think you could come up with $1000 out of pocket, then change it
to a $500 deductible; you’ll still save a sizable amount on your annual
premium payment.
You can also get more of a savings if you change your comprehensive
deductible. Many people needlessly carry full coverage on their older
vehicle. They originally purchased the vehicle new, paid for full
coverage and to this day, continue to pay the same high rate. Their ten
year old vehicle may be worth $1000 or less, yet they continue to pay
$250-$450 every six months (total $500 to $900 dollars a year) to keep
full coverage on their old vehicle.
However, if they have an accident and totaled their vehicle, the
insurance company will only pay them the wholesale value of the
vehicle. The amount they would receive could be $1000 or less. A
vehicle that old just needs the insurance that protects the other
person in case of an accident.
Another method to save more on your insurance is by combining your
vehicles and other insurance together to get you additional savings.
All insurance companies offer a multi-car discount (if yours doesn’t,
it’s time to switch companies). Further, many will discount more if you
have your homeowners or renters policy with them.
There are a few other discounts that you may not be taking advantage
of. It seems obvious, but make sure you are getting the correct rate
for your age. There are discounts for various ages than can save you
lots of money. Check with your agent on this one. Also alarm systems on
your vehicle are usually good for a discount. Additionally, anti-lock
brakes and air bags can also help lower your premiums.
Don’t just keep paying the invoice when it comes in. Your insurance
bill should be an automatic trigger for you to make a few phone calls
to see if you can save even more money on your auto insurance premiums.
