There is a very good chance that you are paying too much for your auto insurance. The price you pay for your auto insurance can vary by hundreds of dollars, depending what type of car you have and the insurance company you buy your policy from. Here are some things to consider when buying auto insurance:
- Shop around: You can save several hundred dollars a year by shopping around. You may be surprised to learn that auto insurance premiums for the exact same coverage on the same car can vary between different insurers.
- Increase your deductibles: Raise your deductibles on collision and comprehensive coverage to at least $500. Sometimes you can reduce your annual premium by hundreds of dollars a year.
- Stay insured: Insurance companies look favorably upon those who have had insurance for at least 6 months. If you currently have insurance, try not to let it lapse and then look for new insurance. Keep it in force continually.
- Choose a Car That Costs Less to Insure: The worth of the car, the make and model, and even the color will affect your insurance rates. Older cars save money because you don’t need the physical damage coverage.
- Take a defensive driving course: A few hours of defensive driving course can save you up to 10% on your insurance premium.
- Maintain a good credit: Some auto insurance companies factor in credit history when they calculate their rates.
- Reduce your daily driving: If you don’t drive many miles (less than 10,000 a year), some companies will offer you discounts.
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