Plenty of Ways to Lower Insurance Rates

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 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 $250 deductible to a $1,000 deductible, you’re inline for a huge premium savings. If you don’t think that you can come up with $1,000 out of pocket, then change it to a $500 deductible; you’ll still save a sizeable amount on your annual premium payment.

You can also get more 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 10-year-old vehicle may be worth $1,000 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 $1,000 or less. A vehicle that old just needs the insurance that protects the other person in case of an accident.

Another method for saving 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 that can save you lots of money. Check with your agent on this one. Also, alarm systems or a Lo-Jack type device on your vehicle are usually good for a discount as well. Additionally, anti-lock brakes and air bags can also help lower the 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.