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Cars are extremely expensive in today’s market. In many cases, purchasing a car will be the most expensive single item a person will purchase other than a home. In addition to the purchase price of a car, there are costs for gasoline, maintenance, and repairs. Therefore, it’s important to find car insurance at the best price without sacrificing on quality coverage.
There are many factors that will affect the price of your car insurance and affect whether you save money including the type of car, where it’s parked, how many miles it’s driven on an annual basis, and much more.
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There are many factors that will affect the price of your car insurance including the type of car, where it’s parked, how many miles it’s driven on an annual basis, and much more.
The following steps will provide some guidelines on the smartest ways to save money on your car insurance.
Compare Car Insurance Rates
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Prices vary from one company to another. Therefore it pays to shop around. Get at least three price quotes. You can call companies directly or do your research online. There are many companies that will provide quotes online from multiple providers. Your state insurance division or office might also provide comparisons of prices charged by major insurers.
Before You Buy A Brand New Or Used Car, Check What It Will Cost To Insure
If you are purchasing a vehicle from a dealership, whether it’s a new or pre-owned vehicle, you’ll need to get insurance for your car within a short amount of time. It’s usually part of the sales contract. Therefore, you should check the prices to insure the type of vehicle you’re considering to purchase before you buy the car. This way you won’t be shocked at the cost of the insurance, and you’ll know ahead of time if you can afford both the car you want and the insurance to cover the vehicle.
Bigger Deductibles Could Mean Reduced Premiums
Another factor to consider is the deductible on your insurance policy. Common deductible amounts are $250, $500, and $1000. The deductible is the portion you would be responsible for in the case of any accident or other claim. The lower the deductible, the higher the insurance premium will be for the policy. If you can afford to cover more of the repair expense in the case of an accident or claim, then this is a good way to save money on your annual policy premium.
Consider Reducing Coverage On Older Cars
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Examine your coverage at renewal time to be sure your insurance is in step with your requirements. Purchasing both liability and comprehensive collision coverage on an older vehicle may not be cost effective. If your car does not have a high monetary value, you should consider getting liability insurance, only. This will help reduce the cost of your annual policy.
Maintain A Great Credit History
Establishing a great credit history has multiple benefits, including lower insurance costs. Many insurance companies use an applicant’s credit information when providing insurance policy quotes.
Take Advantage of Special Discounts
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Insurance companies usually offer an assortment of discounts which can help you save money on annual premiums. Discounts that are typically offered include:
– Multi-car discounts
– Bundle discounts (combining home and auto policies)
– Defensive Driver (you can take a class to verify you’ve been trained how to be a defensive driver)
– Good driver discounts
– Low mileage discount (if you drive less per year than the average driver)
– Military discounts
Inquire About Group Insurance
Check for special rates via your employer or “big box” store. There are several companies that offer reductions to drivers who get insurance by using a group plan from their employer or through professional, business, and alumni groups.
Other factors to consider
Gender will usually affect the price of insurance premiums. Policies for males or females under age 25-years old will be more expensive than either gender of a more experienced driver.
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Policies for single men tend to be more costly than for single females, while married individuals tend to get quotes that are lower. This is because married people, statistically tend to have fewer accidents than their single counterparts.
Another factor to consider is how popular your car is to steal. If the car you’re seeking to insure is on the “stolen car hot list,” then your insurance premiums will be more costly since thieves target the cars on that list more than others.
The secret to have the right car is for you to have the right car insurance. If you follow these simple steps, you have chances of getting the best offer in town.
1. Keep your car somewhere secure like parking it inside your garage or on the driveway.
2. If possible, put yourself on an older driver’s insurance policy. This will slash the cost of your insurance.
3. Use the internet to find the cheapest quotes. Competition is fierce between insurers on the internet, and shopping around can save you up to 50% on your insurance premiums.