May 10, 2014

Lower Your Monthly Car Insurance Rates With These Tips

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If you don’t pay your insurance premium on time, your insurance could be canceled. That can be a costly mistake. Switching between many different policies and insurance companies can cause gaps in coverage, even if unintentional. After your insurance company realizes that there was a gap, it will want to raise your rates.

Many employers offer group insurance discounts to employees, which can save you money. Many employers have special agreements with insurance companies, and they offer great group rates to their employees. You might even qualify for a deeper discount based on your years of service with your employer. If the auto insurance company does not currently offer any discount deals for special group plans you may want to ask them to consider starting some deals. Don’t buy your teen a car. A better alternative is to have them drive one of your existing vehicles. Adding them to your preexisting insurance plan will be much cheaper. If your teen consistently gets on the academic honor roll at school, they can get a discount on car insurance.

Check your auto insurance policy for accuracy. Making sure that your policy is accurate can save you money in the long run. Double check your home address. Be sure that the vehicle’s information, such as the year, make and model, is correct. Premiums include the cost of your annual mileage, so be sure your policy reflects how much you drive. Installing security systems in your car, such as alarms and trackers could help you lower your insurance premiums. The more vulnerable your car is to theft, the more expensive it will be to insure. Your insurance premium will be lower, if it is less likely to be stolen. If you don’t drive much, then you are likely eligible for a discounted premium. Oftentimes, you will have to drive less than 7,500 miles in a year to avail yourself of this discount. Taking public transportation instead of traveling by car to and from work may also qualify you for a commuter discount, so be sure to check this out. One way you can bring your car insurance costs down is to accept higher deductibles on your policy. When you pay a higher deductible, you will often pay a lower monthly bill because the insurance company is betting that you will not file any small claims. You always need be prepared to pay your higher deductible if you have a reason to file the claim.

Review all the coverage parameters of your insurance policy to ensure you are sufficiently covered. Insurance plans for automobiles have several different coverages, like medical expenses or injuries to the body. Optional coverage like comprehensive or umbrella may not be included in your policy, unless specifically requested. State minimum coverage won’t cover certain types of incidents, so make sure you have the coverage you need.

It is important to take a good look at your policy and determine whether or not your vehicle is adequately insured. There are coverages for a wide array of insurance needs. But, you may have to specifically ask about other coverage, such as collision and comprehensive protection. In many cases, the basic level of coverage doesn’t pay out to you at all; for example, “liability coverage” only pays for damages that you are liable for, not your expenses. You need to make sure that your insurance covers your needs as well.

Many people think that car insurance is a detailed, complex and boring product. As with most things in life, learning more about selecting auto insurance makes the whole process seem far less confusing.

While you are obtaining quotes for auto insurance, bear in mind that the annual premium cost is not the only feature you should be comparing. You also need to familiarize yourself with the details of a policy, such as the amount of the deductible, the coverage levels and the limitations of any benefits. Property damage liability is a very important thing to include in your auto insurance policy. This covers damages that your vehicle may have caused during an accident. In most of the United States, property damage liability is required by law. Although you must invest money, it will be worth the cost if you get in an accident.

The majority of nation wide insurance companies will offer large discounts to families when the whole family chooses to be insured exclusively by their company. When all of your vehicles are insured with the same company, you will enjoy significant savings every year.


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