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Cheap Car Insurance

Car Insurance : A Rate Reduction Checklist

One of the biggest expenses associated with owning a car is paying auto insurance premiums. Since car insurance is something you can’t do without and cheap car insurance is something you need, it is good to know that being a smart consumer can pay off.

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These tips on reducing auto insurance rates are from the non-profit Independent Insurance Agents of America. The suggestions may apply in other countries as well. It is certainly worth checking with several auto insurance providers to see if you can lower your insurance rates in this way.

  • Shop around. Spending some time on the internet to research low rates can save you big money. In fact, premiums vary by 50 percent or more among different insurers. Fifty percent less is what I call cheap car insurance.

  • Consider using one company for several policies. Some insurers give a “fleet discount” for clients who insure more than one car or who use the company for both auto and home insurance policies.

  • Buy a low-profile car. Luxury cars cost more to fix and replace, and some “hot” cars have higher theft rates – giving insurers reason to jack up costs.

  • Stock up on safety features. Antilock brakes, air bags, and seat belts earn lower rates from nearly every insurance company.

  • Invest in a security system. Many companies reward car owners who have alarms, electronic locks, and disabling devises.

  • Polish your record. Most insurers give a discount for accident-free driving records. If your record isn’t spotless, check to see if your state requires insurers to lower rates for adults who complete defensive driving or accident-prevention classes.

  • Request higher deductibles. Increasing the deductible (the amount paid out of your pocket before the insurance pays) can substantially decrease the premium on the collision and comprehensive portions of your policy.

  • Buy only what you need. If you’re driving an older car, it may not be worth the money to carry collision and comprehensive coverage (because the book value paid for the car would not be enough for you to replace it). Check with your agent to see what portions of your policy you might want to drop.

  • Always inquire about discounts. You never know what a particular company may have to offer.

  • Important enough to mention again: Shop around and compare the offerings of many different companies.
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