With gas prices on the rise, credit card bills coming in, college debt, mortgages, and the recession in full power you may find yourself struggling financially and wondering why you pay so much for car insurance. Don’t fret; we do have solutions for you. Today we’ll reveal some of the secrets that will decrease your insurance expenses considerable.
1. Shop, shop, shop
One of the reasons people end up paying high insurance premiums is that they don’t check out their provider’s competition. At least every couple of years, you should look at as the free auto insurance quotes offered by as many reputable companies as you possibly can. While this may be tedious and time consuming, your efforts will pay off. One of two things will happen. 1st case scenario: You’ll find out that your provider is giving you the best car insurance rates out there, in which case you can rest easy with the knowledge that you are not being cheated out of your hard earned (or easily inherited) cash. 2nd Case Scenario: You will find a reputable company that offers you significantly lower auto insurance quotes and you will start saving big bucks thanks to your effort. Either way you have nothing to lose.
2. Adequate coverage for your needs:
One of the easiest ways to reduce your insurance costs is to decrease your coverage to the state mandated minimum. But in many cases, this may not be a good solution in the long run. For example, if you only have minimum liability and have an accident where the other party is not found at fault then you’ll be responsible for the damages to your car, medical bills, and any other expenses incurred. So in the long run you aren’t really cutting down on expenses, you are just increasing your chances of going into debt or deeper into debt as the case may be. Unless your car is pretty old and you can afford to replace it on your own, we suggest you get Collision, Personal Injury Protection and Comprehensive alongside Liability.
3. Higher deductible
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The higher your deductible, the lower your premiums will be-the lower your deductible, the higher your premiums will be. So by raising your deductible, you are effectively decreasing your premiums. However, it’s important to note that you should only sign up for a deductible that you can actually afford because in the event of a claim, you will have to actually have to fork out this amount. It’s advisable to keep the deductible amount aside and not touch it unless you make a claim.
4. Good driving record
A clean driving record will earn you dirt cheap quotes for car insurance. A rash driver is more likely to have accidents, hence more likely to make claims and hence more likely to cost the insurance company big bucks. One way to cut back on expenses is to take a defensive driver’s course; it will make you a better driver, which leads to a better driving record, which leads to better lower insurance premiums. Also, many insurance providers will offer you a free auto insurance quotes for completing a defensive driver’s credit.
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