SHOP AROUND
Before you just renew the existing policy knowing the rates will be increased, you should do some shopping around with various companies. The fastest way to accomplish this is to check with an online broker.
You'll only have to complete the information once and can receive usually up to four separate quotes for insurance coverage. You'll find that rates can vary a great deal between companies. Just make sure you're comparing the same type of coverage for the same vehicles.
INCREASE DEDUCTIBLE
One of the first places where people find they can save money on insurance premium costs is by raising the amount of deductible which you pay in the event of a claim. Raising the deductible amount from $300 to $500 for example can mean a savings of ten percent off your annual premium.
You may want to set aside premium differences for a while to form a just in case fund in the event of a future accident.
CLEAN UP YOUR CREDIT
At least two of the major car insurance companies use credit histories as a major component in calculating how much of a risk you are. Since the premium amount is based on your risk factor, if you don't pay credit card bills on time, you could wind up paying more for your insurance.
LOW MILEAGE
Average annual mileage of less than 7000 usually means you are eligible to receive a low-mileage discounts. Some insurance companies allow for this. If need be, limit your driving , using public transportation or airplane travel for long trips can help keep the mileage under the bar.
CLEAN DRIVING RECORD
Squeaky clean driving records for at least two years usually mean significant price breaks on insurance premiums. A clean driving record won't have accidents, moving violations, driving under the influence or speeding citations. Always drive defensively and it could make you eligible for discounts on your insurance premiums.
AVOID HIGH PROFILE CARS
Cars which have a higher rate of theft, such as sports cars, luxury cars and high performance cars will have drivers who are more prone to accidents and reckless or careless driving habits. These high risk cars will undoubtedly have higher premiums than if you own and drive a standard family car or van.
MULTI POLICY DISCOUNTS
Most insurance companies award discounts if more than one type of policy is purchased through their company. Examples of multiple policies include homeowner insurance and automobile insurance. More than one vehicle on a policy usually receives a discount due to multiple vehicle policy.
SAFETY FEATURES
Things such as anti-theft devices which discourage thieves result in fewer thefts, so your premium is likely to be reduced. Safety features on a car are such things as anti-lock brakes, air bags, and seat belts. Safety features built into some vehicles will result in lower premiums.
It's important to take advantage of any and all of these premiums if it works in your personal situation. You are the best person to judge whether the cost savings outweigh the additional risks. If you want to save money on automobile insurance, try to do it in ways that won't increase your risk of financial ruin.
Gus Taperman holds a Bachelor's degree in Commerce and completed his master's in Business Administration . He is working as writer and financial consultant to find a Personal loans, Debt consolidation, home equity loans at cheap rates visit www.taperman.com