Auto Insurance -- Steps That Will Help You Save Much

There are a lot of ways open to anyone who wants to get low cost insurance. However, a number of them could leave you slightly compromised. I do NOT usually approve of such ways as they rubbish the main purpose of insurance in the first place. Therefore, I will only give you options that will as well leave you well covered in spite of saving you much...

1. You're certainly spending too much if you have collision and comprehensive coverage types for an old vehicle that is not a classic. The reason for this is that insurance providers base your compensation on what is known as the Kelly Blue Book value of a car at any given point in time. So, you will get nothing if this book says that your car is worth nothing at the time of a claim.

So, stop frittering away your money. Once a vehicle becomes old, give up collision and comprehensive coverage types on it. If you take this step you will make big savings.

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2. You can get a considerable discount if a child on your policy doesn't drive the vehicle for a protracted time frame because he/she is away at school. If your child is in college then you should talk to your agent about the possibility of getting this discount. I must point out, though, that a number of insurance companies don't offer this discount.

3. A thorough re-evaluation of your car insurance policy could reveal several areas you're throwing away hard-earned dollars. It's interesting to say that a good number of people still pay for things they needed yesterday but no longer need for today. Have you though of removing your just-wedded girl from your policy?

Also, there are discounts you might have qualified for. It might also no longer be good advice to keep paying for certain coverage types.

Therefore, do NOT fail to review your auto insurance policy from time to time. You might discover a few points that are no longer needed and save as you drop them.

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4. Electronic Funds Transfer (EFT) is an easy way to bring down your premium. This simply means your insurer withdraws your premiums automatically from your account at specified periods without mailing you payment notices. This saves costs by removing the necessity of payment notices or checks. This is why this gets you cheaper rates.

5. Insurers give give customers who have remained loyal a long term discount and accident forgiveness. Most insurers will give you a discount of about 5% if you stay with them for up to five years (some will give you once you stay for up to three.

Most insurers will also not raise the rates of a long standing policy holder if they make only just one claim. Insurers offer these as incentives to keep you with them since it serves them better too.

But it will only be right for me to also point out that in spite of these incentives, you might actually gain more if you switch to another insurer.

Supposing your auto insurance premium with your present insurance provider is $2,500 you'll get a discount of about 5% or $125 if you continue from3 years and above.

But we can almost say with a level of certainty that because of inflation your premium might not stay the same. But if you do routine shopping for auto insurance you'll almost always get an insurance carrier within those years of waiting who will give you comparable coverage at a lower rate. Then it would be anything but wisdom to stay put because you want to qualify for a discount down the road knowing that the expected discount is less than savings you will get immediately if you switch.

you will most likely get lower rates if you take the time to shop right because there are hundreds of auto insurance companies around. Since the process of obtaining and comparing auto insurance quotes requires just minutes, I will wonder why you won't do that now and get lower auto insurance rates immediately.

6. Your might be paying a lot more than you should because of some really unnecessary add-ons like towing. By the way, your credit card might already offer this as a benefit so check.

Even if this is not the case with your credit card company, you'll still get better service and save more if you exclude towing from your policy and you a dedicated towing company instead.

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7. The internet makes the cost of doing business low. Compared to buying offline from a brick and mortar business, you'll save up to 15% if you buy your auto insurance policy online.

This makes it obvious that you'll save a lot more if you buy online.

While you do this make sure you give correct details. If you try to cheat you'll lose big time on the long run (Your insurer will be covered by the law if they cancel your policy on the grounds that you misrepresented facts).

If you choose to buy online, don't forget to do due diligence: Check with your state's department of insurance to ensure the company you're buying from is licensed to sell auto insurance in your state. Don't also fail to check their rating.
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