Save Money on Your Automobile Insurance By Nancy Kamp

 

Car Insurance Choices Can Save Money.  Whether you're buying or leasing a new car, purchasing a good used car or simply considering a switch to a new insurance carrier to cover an older vehicle, you'll want to make the most of your car insurance dollars.  There is not a one size fits all policy.

• Choose a car that's cheaper to insure.  Sports cars, for example, typically carry higher premiums.  Put your teen in a safe vehicle rather than the high performance car of his dreams. 

• Even if your child is making her monthly car payment, it's usually cheaper to keep her on your policy rather than buying a separate policy for her.

• Carry a higher deductible.  Consider how long it would take to save enough on premiums to carry the maximum deductible allowed by your lender.

• Pay your premiums well in advance.  Decide if you could pay your premium every three or six months, or even yearly, to save money.

• Pay all your bills on time.  Some insurance companies offer better rates to those with higher credit scores.  Check on your credit report with Equifax, Experian or other credit bureau. 

You are entitled to one free credit report per year per credit bureau so space these out to keep period track of the information in your file.

• Carry only the coverage you need.

• If you have a lot of personal assets to protect, you may need to carry higher bodily injury liability coverage.  You may even want a separate umbrella policy to fill in the gaps in your coverage.

• Consider dropping collision coverage on older vehicles.

• Uninsured / Underinsured Motorist coverage is not mandatory in all states.

• Rental Car Replacement is nice if your vehicle is out of commission due to an accident, but could you get by without a car for a few days?

• Income Loss - If you can't work because of an auto accident, this coverage helps make up for lost wages.  Decide if the cost of the coverage is worthwhile in your circumstances.

• Road Service - Do some price shopping to see if towing, flat tire changing and jump starting are a better buy from an auto club or as part of your automobile  policy.

• Extra Discounts May Apply.  Terms vary from carrier to carrier and state to state, so check to see if the following apply in your situation:

• It may pay to shop for new coverage every few years, but some companies offer discounts to long-time customers.  Do the math.

• Be good driver.  Safe driving can keep your insurance premiums down.

• Many companies offer multiple-car discounts.

• Check to see if an automobile insurance carrier also offers life insurance, home owners or renters insurance. Grouping these coverages can result in a discount.

• Some companies offer good student discounts to teens with a B average.  

• Driver's education for new drivers and safe driving courses for adults may rate a discount.

Compare car insurance quotes from reputable companies.  Cheaper car insurance doesn't have to be a risky investment if you shop wisely.  Why wait to save?