The price hike at the pump coupled with the rising expense of life has left many hardworking people in a terrible condition. Many good folks are not going away for vacation or not willing to travel far from home which has an adverse effect on the economy as a whole.
While there seem to be no end to the gas price hike and nothing that an average consumer can do about it, wouldn’t you like to lower your car insurance rate to help out in these rough economic times? The good news is you can save on your insurance premium.
Regardless of what type of vehicle you are looking to insure below are some tips to follow to save on your auto insurance.
1. Compare rates – Do not go for the first car insurance company that is willing to insure your vehicle. The insurance quotes vary, sometimes significantly, depending on the provider. Searching and comparing rates today has never been easier. There are many websites that allow you to compare rates from major insurance companies so that you can select the one that is right for your. This is an easy step that can be accomplished from the comfort of your own home and can result in huge savings.
2. Raise your deductible – The higher your deductable is the less will be your insurance premium. Thus, it is better to increase your deductable to an amount that you are comfortable with. For instance increasing your deductable form five hundred to a thousand will save you (depending on the provider) around $400 on your premium. Although you would be ask to cover the deductable from your pocket in case of a claim, you will have recovered this money from your premium savings in only a couple of years.
3. More is better – Have you heard the term more is better? Well, it is true when it comes to insurance companies. If you choose to get your car, life and home insurance through the same company, you may be able to get a discount as much as 20%. Also listing other cars under the same insurance policy can save you money. Be sure to discuss the details with your provider.
4. Choose your next care carefully – Buying a trendy high performance car is not only put on the radar of the highway petrol and car rubbers, but also increase your insurance premium. The insurance companies have a rating system that they use to rank all vehicles. The higher the rating, the more you will be charged. Sports car rank higher on the list and the more high performance your car is, the more you will pay to your provider. Speak to your broker before buying your next car to get an idea what you should expect in terms of insurance quotes.
5. Studious kids are rewarded – Do you have kids that are in school and looking to get insurance for their cars? The insurance companies look at good student as responsible individuals that follow instructions and thus offer them better insurance rate. If your teenager has a high GPA, you should discuss it with your provider to find out what sort of discounts and programs are available.
6. Drive safely – Insurance companies provide good driver discount to drivers with good driving record in the last few year. Thus, if you get a ticket it will impact your rates for the next few years. Therefore, think about this before you choose to speed. If you have received a traffic violation ticket, see if you can take defensive driving classes to keep your premium low.
7. Miscellaneous discounts – Many providers have various discount programs for those that are serving or have served in the military as well as others positions (check with your provider). Other discounts may apply to senor citizens, low mileage drivers, drivers in rural areas, and those that are members of various organizations such as AAA, AARP. Some insurers also have special discount rates for various companies and organizations. Therefore, check with your provider to see if your employer or company is on their list.
