Get your Vehicle Insured For Less

by on July 12, 2010

Each one of us has a car and it is important to get it insured. But it’s a headache as the car insurance bills get so much money paying that we would actually not require, and we all know that insurance premiums are so out of control. We can take steps to get insurance protection while saving our money.

Here are some steps to follow to save your pocket from car insurance:

Auto insurance

  1. Try different insurance companies – Most states have insurance rates vary widely. Different companies offer varied schemes and rates on different vehicles, but these rates are never constant they may rise or fall. One of the smart ways is to get different quotes, and getting them in writing can be a much better option. This way it is really difficult to judge which company is cheaper or not.
    1. If you have many cars and vehicles it is better to get them insured from the same company, as you may get discount for the same.
    2. Another option is to get your home as well as car insured from the same place. Getting any of these policies done, gives you with a better opportunity to save money by getting great discounts.
    3. It is better to consult your agent before buying a new car and the cost of getting it insured. insurance companies put in all the information in account of how much does that particular car costs, how prone are the to accidents or being stolen. Hence, similar cars can have premium differences. Getting insurance quotes is the best thing to do.
  2. Don’t let your insurance policy get expired – Once your insurance policy lapses it would be a trouble for you and you would find it hard to obtain the insurance policy and you may have to loose on your insurance more than it was before. Customers are at a higher risk getting charged more than earlier even after few days of expiry.
  3. Have more savings with an increase in deductibles-Everything thing must be done in a systematic manner so before the company pays you have to pay for some coverage. Hence the price for the coverage would be less with higher deductibles. So it’s better to have the agent quoting you with higher deductibles so as to keep a check on your savings.
  4. Buy only the required coverage – Coverage must be reviewed once a year with the agent. Have coverage according to your need and preferences. Try to understand all the coverage you presently have and you can also reject some coverage such as uninsured motorist and even protection to personal injury. Therefore one must fully understand all the implications related to drop down or removal of any coverage. There are many risks involved, and in many cases it may exceed the money you saved.
  5. Don’t waste money on the vehicles you don’t run – Any damaged or not used vehicle must be removed from the insurance policy. But it is important to bring to note that some states want an insurance approval for the vehicles not being used, hence to avoid penalties and to be on a safer side such vehicles should be registered as “inoperable”. But this should only be done in the case if that vehicle is completely out of usage.
  6. Get a policy with longer term – If you have a longer policy your rates will be cheaper as compared to 3 to 6 Months policies which have price penalties attached to them and you would be able to save more money by paying it on full front instead of paying it in installments. Your premiums would be automatically deducted from your bank account each month, if you only have the option of installments.
  7. Get training course with discount – Many companies provide discount on taking an approved driving license on the training of kids and people above the age of 55.usualy these discounts are not big but its is no harm taking training as it would only help us become a better driver along with lower insurance premium.
  8. Be a safe driver – In accidents when you may be at fault you may have an increase in insurance premium for 3 to 5 years. But if you hadn’t had an accident then you must be free to ask your insurance agent for an accident free discount. But if you are caught in an accident with your vehicle involved in a minor accident you may also pay it out of your wallet. But if the claim is just for some money, amount paid for accident surcharge exceed your vehicle repair.
  9. Try to save yourself from speeding tickets – Again your insurance can be affected for 3-5 years. Speeding tickets and ignoring violations can get heavy on your pockets and may lead to an accident as well.
  10. Don’t be in a hurry to get license for kids- Inexperienced and young drivers are more prone to get into accidents and that’s the reason the insurance companies charge accordingly for them, and you will end up paying extra premium. So instead of stretching your insurance bills better is the option to make your kid wait till they get 18 as by that time the premium rates usually decreases.
  11. Save money by driving less – Yes, this is one of the better options to save money as some companies provide an exciting discount of to 10% if the annual mileage is less than 5000, and discount of 5% if this mileage is less than 7,500.
  12. Get security for your vehicle – It is better to get your vehicle installed with anti-theft unit, depending on the anti theft unit type you can get discount up to 36%.

{ 1 comment… read it below or add one }

Donald Quixote August 28, 2013 at 11:21 am

Quite a few things on this check list to do, but they all seem like great ideas. For me the most frustrating thing is the amount of research you do when trying to decide between policies and companies as you look for the best deal. It is best that you set a cutoff before you being. Cutoff in the amount of time you will spend looking and what you consider to be required in a policy. It will save you hair tearing and time wasted.

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