Auto Insurance – How to Keep The Premium Down

Auto Insurance - How to Keep The Premium Down

Avoid Overpaying for Auto Insurance

All auto insurance premiums and costs are based on statistics. These statistics involve analyzing accident rates and theft rates for different makes and models of automobiles under differing circumstances. It is for this reason that auto insurance is significantly more expensive for teenagers than it is for adults. But there are many factors that determine the cost of your auto insurance premium.

Let’s take a look at the main contributing factors.

A. Deductible. Having a low or zero deductible on your auto insurance will significantly increase the cost of the policy. This is, of course, a tradeoff because you are betting that you will not need to file a claim. You can pay up to 10% less on your annual premiums by increasing the deductible. But a word of warning: if the time arrives to make a claim, then you will be digging deeper into your pockets to pay for the higher deductible.

B. Crime Rate If you live in an area that statistically has high theft rates for your make and model of vehicle, then you will pay a higher premium. This is because your car has a much higher likelihood of being stolen, vandalized, or involved in an accident. There is not much you can do about this; you shouldn’t move just to cut your auto insurance costs. Don’t make the mistake of asking one of your relatives who live in the country if you can use their address for your auto insurance. If the insurance company discovers this, you may be in trouble when it’s time to make a claim.

C. Garage Parking The majority of auto insurance companies will give you a slight premium reduction because cars parked in garages are less likely to be stolen, vandalized, or damaged.

D. Mileage. Some companies have a low mileage discount if you drive less than a certain number of miles in a year. This is often difficult to become eligible for because you will need to limit your driving in order to qualify.

E. Anti-theft Alarms Most auto insurance companies offer policy discounts if your car is equipped with a safety device or anti-theft device.

F. Shop around to find the cheapest auto insurance available. Get a quote from every reputable auto insurance company in your town or city. Most reputable insurance companies are on the internet, and it’s easy to get online quotes.

F. Insurance Consolidation Most insurance companies will give you significant discounts if you have all your insurance policies with the same company.

G. Driving Courses Most companies are now reducing their policies for people who take driver education courses. This mainly applies to new drivers. Insurance companies like to know that you are a well-educated driver and therefore statistically have a lower likelihood of an accident.

Being intelligent is advantageous. Many car insurance companies are now offering discounts for students with higher-than-average grades.

7. Bonus for no claims most insurance companies will reduce the premium every year if you don’t make a claim. Every year, if you do not have an accident, your insurance premium will be reduced.

8. Sports Cars Pay The Price If you have a high-performance sports car, then you better dig deep. Sports cars and upmarket, luxurious cars are the most expensive to insure. The cost is frequently double or more than that of a standard family car.

So finally, to save on your auto insurance premium costs, it’s a matter of keeping the above factors at a level that is in your favor.

 

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