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By George G.
All of us want to get the best deal on everything, and auto insurance is no exception. Cheap doesn't mean it affects the quality of coverage you get. If money is your primary concern and you want to lower car insurance costs, here are a few some simple ways to save on car insurance.
To find out how much your coverage will cost, you’ll first need to know what factors a company uses in order to assess your risk to their company.
The lower the risk, the lower your premiums.
Insurance companies assign their potential clients to groups determined by factors such as where you live, your credit score, how many miles you drive, your driving record, claims record and others.
If you've had previous claims, then you're considered more of a risk than a driver who has had none so far. Your credit score is also an indicator of your personal responsibility and general level of caution. These factors will determine the premiums you’ll pay.
Did you know that some of the most beneficial coverage costs very little? Roadside assistance, reimbursement for rental cars in case of an accident and comprehensive insurance all cost very little but can be real lifesavers in case of a breakdown, an accident that disables your car or a broken windshield.
The car you drive also factors into your premiums. A sports car with expensive replacement parts that tempts a driver to high speeds will cost much more to insure than a family sedan. A car that’s unpopular with thieves will also cost you less to insure.
Auto insurance companies are very competitive. If you think that your insurance company is charging more than you can afford, you’ll probably be able to find a lower price from one of their competitors. However, never let your auto insurance policy lapse as that will indicate that you're a high risk.
One way to save on auto insurance is to choose a higher deductible. Deductible is the amount of money you have to pay before your insurance company begins paying the rest. In other words, you pay for the minor dings and bumps while your insurance company pay for the heavy hits.
For instance, a common deductible amount is $500. If you're involved in an accident that causes $1,500 worth of damage, you pay $500 and the insurance company pays $1,000.
You could, however, set your deductible to $1,000. This still covers you against heavy losses, but it may decrease your monthly premium by as much as 30%! Simply put, the less your insurance company has to pay out, the less they will charge you.
Did you know that you probably qualify for several discounts that can save you money on your insurance premiums? Most insurance companies give discounts for good driving records, for living in low traffic areas, driving fewer miles than the average driver, owning a car with the latest safety devices, and other circumstances you may qualify for.
When you get a quote, ask about discounts and take advantage of those that apply to you.
Finally, shop around by getting several quotes before deciding. The internet is a great place to start. It allows you to compare rates and coverage easily and quickly.
Begin by getting 2 to 3 quotes online. Once you have them, check with a local insurance agent and ask for the same. In that way, you save both time and money.
Remember, making an informed choice in a non-
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