Want to Reduce Your Auto Insurance Costs? Let Me Count the Ways!

We all complain about the mounting cost of automobile insurance. So what are our options to lower our auto insurance expense? Take a look at the following list of opportunities to reduce your auto insurance.

1. Plan For And Include Auto Insurance Costs Into The Cost Of your Auto Purchase
To begin with, buying a car is a significant initial expense and auto insurance is a sizable subsequent expense in your ongoing cost of ownership. You should always look into what your insurance costs are going to be on any vehicle you consider buying.

2. Research Auto Insurance Rates On Different Makes And Models Before Buying Your Car.
Insurers rate vehicles on a risk scale based on statistics that cover a range of factors such as exposure to risk of injury or theft, vandalism, flashy or sporty vehicles, cost, cost to fix, past claims history, overall safety record, etc. The higher the risk, the higher the insurance premium. Many insurers offer discounts for low-risk vehicles such as sedans and station wagons. Check out this information with your state or provincial insurance agencies before you to decide what car to buy.

3. Research And Get Quotes From Several Insurance Agencies
Once you have decided on a make and model of car, the best way to make sure you are getting the most affordable price for your auto insurance policy is to do your research and compare, quotes. You should obtain a number of quotes from different insurers as coverage costs from one insurer to the next can vary by hundreds of dollars, and possibly thousands of dollars. Get at least three price quotes. Call insurers directly or get online quotes. Provide the same coverage, deductibles and limitations so you can compare apples with apples. Nowadays, comparison sites do all the legwork for you and provide competing rates side-by-side. Visit some of the sites advertised on my website listed below.

4. Save Money By Raising Your Deductibles
You can reduce your insurance premium considerably by increasing the deductible on the comprehensive and collision portion of your insurance policy. However, keep in mind that in the event you have an accident and file a claim, you will have to pay the deductible out of your own pocket. So make sure you can afford to do that. You can save 10 percent or more by increasing your deductible from say $500 to $1,000. If your claim is $2500 and your deductible is $1,000, you will pay $1,000 and your insurance company will pay $1500.

5. Save Money By Purchasing Home And Auto Insurance From the Same Insurer
Purchasing your home and automobile insurance policies with the same insurer may qualify you for a further discount, which may shave up to another 10% on both policies. Most insurers offer this saving as an incentive to get your home insurance business too.

.6 Save Money By Including All Vehicles Under The Same Policy
Similarly, many insurers offer a multi-auto discounts for those who insure more than one car on the same policy. You can save up to 10% by placing more than one vehicle under the same policy.

7. Save Money By Maintaining A Good Driving Record
Your driving record is a significant factor in determining your insurance rate. If you have a clean driving record (without accidents, traffic tickets, drunk driving convictions, etc.,) you may be eligible for further discounts on your auto insurance policy. A bad driving record can become very costly in terms of insurance premiums, as you may take three years or more to wipe out past misdemeanors off your record.

8. Save Money By Maintaining A Good Credit Record
Insurers are increasingly using credit information to price auto insurance policies. Developing and maintaining a solid credit history can reduce your insurance costs. To protect your credit status, pay your debts on time, don’t get more credit than you need and keep your debt balances as low as possible. Review your credit record often and ensure your record remains accurate by getting errors corrected promptly.

9. Save By Asking For Low Mileage Discounts
If you are retired, semi-retired, car-pool or use public transportation to go to work, and generally keep your annual car mileage as low as possible you may be eligible for a low-mileage discount. The low mileage limit is generally around 10k-12k miles per year depending on the state or province you live in.

10. Research Other Discounts
Other discounts may be available if you meet certain conditions. Examples may include age group, low mileage, occupation, if you install an alarm or other safety devices in your car, taken a defensive driving or drivers education course, are a member of an auto club, or loyal to the same auto insurance company for a number of years. These discounts vary by insurer.

11. Inquire about Group Insurance
Some insurers may offer discounts to drivers who obtain insurance through an employer provided group plan, through professional, business and alumni groups, or trade associations. Ask your employer and check with groups or clubs you are a member of to see if you are entitled to such discounts.

12. Drop Collision Coverage On An Older Car
If your car is 10 years or older, you may want to consider removing the collision coverage on your policy. Before you do this, you need to weigh the cost of the collision coverage with the value of your car and your chosen deductibles. For example, if you had a 12-year-old car that was worth about $1,000, and your deductible was $1,000, that collision coverage is worth zero. However, remember that you will have to bear the cost of repairs directly out of your pocket should you get into an accident.

13. Take Defensive Driver Training Courses
Safer drivers pay lower insurance rates. Taking state and/or insurer approved defensive driving courses in the past 3 years will get you reduced auto insurance premiums.

14. Install Safety And Anti-Theft Devices In Your Car
Insurers may give you discounts on your auto insurance if your car is equipped with one or more of the following options: Anti-lock brakes, automatic seat belts, and airbags. Similarly, anti-theft devices such as car alarms and tracking systems may also get you a discount because they reduce the chances of your car being stolen or vandalized.

15 Reduce Auto Insurance By Moving
If you move from urban big city traffic location to a rural area with little crime and traffic congestion, your premium will generally be lower. Of course, you would do this only if it is in keeping with other life-style decision factors.

16. Where Do You Park Your Car?
If you park your car in a garage, you may be entitled to a slight premium reduction. Cars parked in garages are less likely to be stolen, vandalized, or struck by other vehicles.

17. Develop A Relationship With Your Insurer
If you have been with one insurer for a long time, most will charge an existing client who has more than one recent claim less than they would a new client in the same situation.

18. Keep Your Insurer Up To Date
Make sure your insurance company always has correct and up-to-date information on file. For instance, if you relocate from an urban to a suburban or rural area, your rates may go down.

The key to auto insurance savings is not the discounts, but the final price. An insurer that offers few discounts may still have a lower overall price. The discounts listed may not be available in all states or provinces or from all insurance companies, so once again, it pays to do your research as the savings are just too significant to lose!

How to Reduce Your Auto Insurance Costs

If you feel like you’re paying too much for your auto insurance you probably are. If you haven’t priced out your insurance for a while you’re also probably paying too much. There are several easy steps that you can take to reduce your auto insurance costs.

Multiple Policies– Most insurance companies offer discounts if you carry all your insurance (home/renters, life insurance, etc) through them. If you haven’t consolidated all of your insurance in a single company doing so could save you up to 15%.

Forgo Some Coverage– Take a look through your current policy. You may be getting coverage for items that you’ll never use. One example of an item you’ll want to drop is collision on an older car.

Drive Less– If you drive less than 7,500 miles a year you may be eligible for your insurance companies low mileage discount. Call your insurance provider and ask if they offer this. The typical low mileage discount is 10%-15%.

Pay in Advance– Some insurance companies will offer a discount if you pay your insurance 6 months in advance. Other insurance companies will charge you a fee if you’re paying monthly. If you’re paying your insurance on a monthly basis check with your provider to see if you can save any money by paying in advance.

Drive Carefully– This one’s pretty obvious. Insurance companies will up your premiums if you have a history of accidents or moving violations.

Raise Your Deductible– If you have a low deductible ($100 or $200 is very low) you should consider raising that deductible to $500 or even $1000. This can help save you 50% or even more on your premium. This is especially beneficial for safe drivers who are rarely in accidents, since they’re unlikely to have an accident in any given year.

Shop Around– Make sure that you’re getting multiple quotes for your insurance. There are a lot of insurance companies out there and they compete against each other. If you haven’t priced your insurance in a while it’s a good time to do so. Switching could save you $100’s.

Ask your HR Department– Insurance companies will partner with local business and offer discounts to their employees. Checking to see if a local insurance agency has a preexisting relationship with your company may net you a 10% discount.

There are lots of ways to save money on your auto insurance. Figure out what type of policy that you want and any type of discounts that you might be eligible for. Once you know that shop around.

Top 7 Ways to Reduce Your Auto Insurance Costs

I’ve written other articles on how to shop around for Auto insurance in the past. My goal in this article is to go a little deeper into how you can reduce your Auto insurance. What follows are the top 7 things that you can do to hopefully reduce the cost of your insurance rates by a sizable amount.

1) The single most important thing that you can do to lower the cost of your auto insurance is simply to compare quotes from different insurance companies. At the minimum get three quotes, My personal preference is to get five quotes before I make a decision. You’ll be pleasantly surprised at how widely the prices vary between each provider. The easiest way to get a quote, free and very fast is to go online and use an insurance quote comparison site, sure beats calling the companies directly. I’ve included a link to one at the end of this article.

2) Ask about multi-coverage insurance. If you need to grab insurance for your house or health as well. You can negotiate a discount if you get them both at the same time. Kill two birds with one stone.

3) There are many discounts that the general public is not aware of but can be taken advantage of if you do your due diligence. These include “members of a professional organization” discounts, senior citizen discounts, student discounts, Auto insurance discounts through your employer, low-mileage discount, having taken a defensive driving course and even having certain safety features or theft devices installed in your car. The discounts are there you just need to ask about them.

4) If the reason you are shopping around is because your old policy is about to expire, you can often negotiate better terms with your insurance agent, they’ll often make some concessions in order to keep your business with them. Now I’m not inciting you to blackmail your provider, but more often than not they’ll go the extra mile if you threaten to go with another company at the end of your term.

5) Credit is king. Car insurance companies may run a report on your credit as a measure of how responsible you are with your payments. the higher your credit score, the better rates you will get. Therefore, you may consider bringing your credit score up a notch.

6) Although convenient, if you are strapped for cash you may want to forgo certain extras included in your premium such as towing services or loss of employment.

7) Stick with yearly policies instead of six-months policies. This is analogous to buying things at wholesale price so to speak and the more you get the less you’ll pay in this respect.

I’d like to conclude by saying that although price maybe a very important factor in deciding what kind of auto insurance to purchase, do not let it be your sole criteria. If you choose the wrong coverage and get into an accident,savings a few hundred bucks may not be worth the out of pocket expenses that you will incur. Do your research and compare quotes. You can start at this site and put everything i’ve wrote above into action and start saving today.

Business Auto Insurance – How to Get the Best Rate Quote Online

Auto insurance for business can help protect your assets and personal property (if you are a sole proprietor) by reducing your risk in the event of an accident. I am sure you are well aware of the importance and need for insurance coverage on your business automobiles. Since most states mandate business vehicle coverage, you really don’t have a choice but to spend money on insuring your autos each and every year.

Maybe you are a first-time business insurance buyer, or maybe you are looking to switch plans. Are you unhappy with your current insurance company? Do you want to save money on a cheaper plan? Does your current plan include coverage that you don’t really need? These are all important questions that deserve attention, but at the end of the day in the business world, the most important thing is cost. If you can save money on business insurance, then you can increase your profitability while maintaining coverage and everyone wins!

To get the best rate for business auto insurance, you will need to approach this situation like any other purchasing decision: you will need to shop around. Fortunately, the Internet makes it very easy to shop for insurance, research your needs, and even complete a transaction. If your business is large and complex, you will probably need to consult with a professional before making a decision. In fact, you may find it necessary to actually buy your insurance “offline” at a local office.

Whatever your situation, it makes sense for everyone to begin their research and assessment online to get a feel for their needs and the going rate. Although this article is about discount auto insurance for business, you should never approach any insurance buying arrangement with price as your only concern. The reputation of the company, word of mouth marketing, and a host of other factors will likely play into your decision. Of course, you want to buy insurance from a good company whom you can rely upon when things go bad. That’s why we buy insurance in the first place, right?