Most people hate to pay more than they should for anything, and car insurance is not exception to this rule. If you have not evaluated your car insurance premium costs for a few years, you should really do some looking around to see if you are getting the low rates you deserve. There are some things you can do to cut your insurance costs, and these include combining your insurance with other policies, paying in a lump sum, evaluating your deductible, and maintaining your credit.
Most car insurance companies will offer discounts to people who have multi-car policies with them. This means that if you have more than one car, you should insure them with the same company so that you can receive a discount. You can also lower your insurance costs if you combine your auto policy with other policies, such as homeowner's insurance or renter's insurance. Multi-policy savings can be as great as fifteen percent on your car insurance. Another benefit to keeping all of your insurance policies under one roof is that you can roll your payments together and have just one monthly payment rather than multiple payments that you need to keep track of.
Although it can be somewhat difficult for some people, paying your insurance premium in one lump sum each year rather than spreading it out on a month-to-month basis can save you money. The main thing to determine is whether the company you plan to go with charges additional fees to break the payments down into monthly installments. If you are charged $5 per month for this service, that is an additional savings of $60 per year if you simply put the money aside each month and pay in one yearly installment. However, if you find a company that does not charge an additional fee for you to make monthly payments, this can be a good way to fit the payments into your budget.
Your deductible is the main item relating to car insurance that you have control over. Your comprehensive and collision coverage costs will go down or up depending on the amount of the deductible you select. In fact, you may see as much as a 40% reduction in the premiums you will pay if you raise your deductible from $300 to $1200. There is an important point you need to consider if you do this. Do you have the liquid assets to cover the higher deductible if you get in an accident? If you do not, then this is not a wise move for you or you need to only increase your deductible slightly instead of making such a huge jump.
Another way to lower your auto insurance premium is to have a good credit history. If you have poor or no credit, you may be considered a higher risk and insurance companies will charge you higher premiums. All of these things will figure together with your age, your location, and your driving record as you look for the best insurance at the best prices. By paying attention to the things that will help you cut costs, you can actually save quite a bit on your auto insurance premiums.
Most car insurance companies will offer discounts to people who have multi-car policies with them. This means that if you have more than one car, you should insure them with the same company so that you can receive a discount. You can also lower your insurance costs if you combine your auto policy with other policies, such as homeowner's insurance or renter's insurance. Multi-policy savings can be as great as fifteen percent on your car insurance. Another benefit to keeping all of your insurance policies under one roof is that you can roll your payments together and have just one monthly payment rather than multiple payments that you need to keep track of.
Although it can be somewhat difficult for some people, paying your insurance premium in one lump sum each year rather than spreading it out on a month-to-month basis can save you money. The main thing to determine is whether the company you plan to go with charges additional fees to break the payments down into monthly installments. If you are charged $5 per month for this service, that is an additional savings of $60 per year if you simply put the money aside each month and pay in one yearly installment. However, if you find a company that does not charge an additional fee for you to make monthly payments, this can be a good way to fit the payments into your budget.
Your deductible is the main item relating to car insurance that you have control over. Your comprehensive and collision coverage costs will go down or up depending on the amount of the deductible you select. In fact, you may see as much as a 40% reduction in the premiums you will pay if you raise your deductible from $300 to $1200. There is an important point you need to consider if you do this. Do you have the liquid assets to cover the higher deductible if you get in an accident? If you do not, then this is not a wise move for you or you need to only increase your deductible slightly instead of making such a huge jump.
Another way to lower your auto insurance premium is to have a good credit history. If you have poor or no credit, you may be considered a higher risk and insurance companies will charge you higher premiums. All of these things will figure together with your age, your location, and your driving record as you look for the best insurance at the best prices. By paying attention to the things that will help you cut costs, you can actually save quite a bit on your auto insurance premiums.
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