Monday, November 16, 2009
Car Insurance Rates -- To Save Much, Try These
Everyone out there would be very glad to find a way of enjoying lower rates as long as such a way won't downgrade the level of coverage they enjoy. Let's explore several time-tested ways of getting just that...
1. There are cars that cost a lot more to insure. Therefore, have this on your mind when you go to shop for your next vehicle. A car of similar specification that has a bad crash rating and higher theft rate will be more expensive to insure.
Another thing to take into consideration is a car's maintenance cost because this is also an issue that determines your auto insurance premium. This is my personal opinion; but it is a smart thing to opt for a comparable vehicle that is more insurance-friendly.
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2. It will cost you a lot more to buy insurance for a car if it has a low safety rating. Safety features should be given top consideration when buying a new car. You will qualify for a Safe Car discount if your vehicle has such features. Your agent can help you with a list of safety devices that will get you a discount with your insurance carrier.
3. Under-25 drivers get higher rates than any other age group. Even in this age bracket, a 23-year old driver will pay much less than a 17 year old all other things being equal.
So you'll do well to NOT place your teenage driver on your policy. You'll be made to pay very high rates if you do otherwise. Sign an exclusion form that will allow your teen driver have his or her own policy.
If a teen is keen on driving then then should be made responsible for at least the cost of their auto insurance. Teens who pay for their own auto insurance are more willing to take steps to bring it down. This by extension means that such a teen driver will be more responsible behind wheels since they bear the full cost of their actions.
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4. You'll save by being loyal to an insurer due to the long term discount and accident forgiveness which they give to long-standing policy holders. 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.
Just bear in mind that some people will be better off if they switched to another insurer notwithstanding the many discounts given to long term policy holders.
If your auto insurance rate is $2,500 and you get a five percent discount when you maintain a policy with them for up to five years you'll pay $2,500 - (5% of $2,500 or $125) = $2,375.
However, due to inflation, insurers may have to re-adjust their rates to contain such changes. But while you're at it, an insurer somewhere may be ready to offer a rate of $2,000 or less within that period. In this regard, it is of no value to continue because you are after a discount years later when you can enjoy lower rates immediately.
But believe it or not, most folks can pay far less with another insurer if they'll only make out time to shop properly.. To be sure you're not simply missing out better offers, get and compare auto insurance quotes not less than five insurance quotes sites..
5. Defensive driving will help reduce your rates therefore get trained in it. Apart from the fact that they will bring down your rate, they will make you a safer driver.
6. It's easy to save a few hundred dollars on a home but lose thousands over the years on auto insurance because of its location. Also note that a neighbor not too far away might fall under a lower crime zone than you -- This affects rates.
So, as part of your home shopping activities, check how this neighborhood will affect your auto insurance rate. I know: That isn't usually an issue when you're looking for a home but it's really important.
Remember, you might live in this home for up to 20 years or more. If its location makes you pay up to $200 more in premium, that will add up to $4,000 within that time frame.
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7. An alternative for you is to use your parents' car insurance policy. The fact that you are of driving age means that your parents are of a lower risk age bracket.
You must remember that the car must be registered in their name and you must be living with them if you want to use this option. This means that they legally own the car. If the benefits of "independence" outweigh your car insurance savings then this is definitely not an option for you.
8. You could save several hundreds of dollars by simply getting and evaluating quotes from not less than five quotes sites. And, it will require just about 25 minutes on the whole.
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