7 Easy Ways To Slash Your Auto Insurance
Costs
By
Neil Stelling
The law requires you
buy auto insurance. So if you must get cover, how can
you reduce costs ? Here's 7 easy ways to get the best
possible auto insurance deal.
* Multiple Quotes
Get multiple quotes -
use the internet and call a few brokers. It's easy to
gather some good comparison quotes.
Remember to get
different types of quotes e.g one from a direct-sell
insurance company; another from an offline broker who
keeps a database of quotes; and a couple from the
internet.
Cheapest might not
mean best. Will they pay out if you make a claim ? How
financially secure ? How reputable ? Check around with
family and friends, and look for online reviews.
* Different type of
car
Insurance costs vary depending
on car type. Obviously, that $100k sports model costs
more to insure than your average runabout. If you're
planning to buy a new car, check insurance costs before
you buy. I once set my heart on a beautiful, high
performance, highly tuned Pontiac.
Luckily I checked the auto
insurance before I bought it, because I couldn't get
insurance. Every broker, every insurance company flat
turned me down because I lived in a high car-crime area.
So I had to forget the car of my dreams until I moved
up-town.
* Age and Value of Car
Maybe you're buying a used car
? Maybe your car saw better days a few years ago, and
now values much lower ? So why pay for high-priced auto
insurance ? In particular, do you still need fully
comprehensive coverage ?
A good rule of thumb multiplies
insurance premium by 10, and compares that figure with
your car value. So if you're quoted $1000 premium and
your car is worth less than $10,000 you may want to
think if comprehensive represents good value. If you
drop collision and/or comprehensive coverage, you should
get big savings.
* Higher deductibles (excess
charges)
Most auto insurance companies
use deductibles to keep policy cost down. Deductibles,
or excess charges, show what you pay before your auto
insurance policy kicks in. Try requesting quotes with
different levels of deductibles, and see how your quotes
vary.
Most internet quote forms
contain a box where you can specify preferred level of
deductibles. Ask your broker his recommended level. For
example, going from $250 to $500 deductible can slash
your insurance costs by 20% or more. Go to $1000 and you
save a lot of money. But you must pay the deductible if
you need to make a claim !
* Multiple Insurances
I guess this might come under
the 'Get Multiple Quotes' heading, but it's still worth
mentioning separately. You usually get an insurance
break if you buy multiple policies with the same
insurer.
This might mean multiple
vehicles, or homeowner and auto insurance. Either way
it's worth asking about multi-policy discounts.
* Low Mileage
More and more people work at
home. No more commuting. Fewer business trips. Low
mileage on your car. Maybe you do travel to work, but
car pool ?
Either way, look for low
mileage discounts.
* Good Driving Record
A good driving record always
reduces your auto insurance costs. Keep a clean drivers
license. Don't speed, don't drive dangerously, and
you'll save money (apart from other benefits !)
* Bonus Tip
Okay, I said '7 Ways...', but
here's some extra tips. Fit anti-theft devices to your
car. Go on an advanced driver training course. Use
daytime running lights. If you're a college student away
from home, consider adding to parents policy.
This short article covers the
things you must consider when shopping for auto
insurance. Follow these tips and you'll slash your auto
insurance costs.
© DigiLectual Inc. 2004
Discover valuable information
and tips to help slash your auto insurance costs.
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About The Author
Neil Stelling is Marketing
Manager of New York based, DigiLectual Inc.
Article Source:
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