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Monthly Archives: June 2017

Great Tips to Save Money on Auto Insurance

1. Search for quotes regularly – Many people inadvertantly pay the same premium for years without ever shopping around. As your vehicle ages, it depreciates in value. You shouldn’t pay the same premium on an older vehicle as you would on a newer one… think about it! It’s generally good practice to do a quote search on a yearly basis, but the more often you do it, the better chances you have of getting lower rates.

2. If you have an older vehicle, consider “liability only” insurance – When making a decision like this, you need to consider the value of your vehicle compared to what you’re paying for your premium. If your vehicles wholesale value is, say $1000, why pay almost that much per year (give or take) when that is all you will get from your insurance agency… if you total your vehicle?

3. Take a defensive driving course – A simple 6 hour defensive driving course can save you up to 10% on your insurance premium. Contact your local department of motor vehicles for information on taking this course. Many times, you can also take this course by mail, by video, or even online!

4. If you have more than one vehicle in your household, insure them with the same agency – Most insurance agencies will knock a huge percentage off of your premium for multiple auto insurance policies.

5. If you also have life, home, fire, boat or any other type of insurance, use the same agency – As with having multiple auto policies, most agencies will knock a huge percentage off of your premium for multiple policies.

6. Increase your deductible – The higher the deductible you choose, the lower your premium will be, so set your deductible at the highest rate possible… just make sure that if you were to need the insurance you would be able to cover this deductible.

7. Maintain good credit – Insurance agencies, just like any other business, like to be paid… and on time. A good credit rating will lower your premium.

8. Think like an insurance agent – Insurance agencies base their rates foremost on one thing… risk. The more at risk you seem to be, the higher the premium will be, and vice versa.

 

Auto Insurance Ins and Outs

Bodily Injury Liability. If you were at fault in an accident and others involved needed to go to the hospital and/or lost wages from missing work, those costs would come out of your pocket if you are not insured with Bodily Injury Liability. Anyone will soon realize how quickly those amounts can add up to. Many states require you to carry Bodily Injury Liability. This type of coverage can also help you in the event the other party takes legal action against you.

Collision Coverage. In the event you need repairs or replacements if your vehicle collides with another vehicle or property, you’ll need this. The higher the deductible you elect, the lower your premiums will cost you. If you’re at fault for something, well of course it would still be an accident, as I doubt you’d plan to run into that guard rail, but how much would you be able to afford to pay out of pocket for repairs? Don’t forget to check if this coverage is available in your plan!

Comprehensive Coverage. This is the coverage that pays for damage caused from falling objects, fire, certain natural disasters, theft and vandalism.

Property Injury Liability. Can you imagine how much it might cost should you accidentally drive into someone’s house? You wouldn’t want to be caught without property damage insurance should you need to pay for repairs to another vehicle, building or anything else you might hit. As they say, you can never be too sure what you may run into while driving!

With these different types of liability coverage, you’ll quickly discover that unfortunate accidents soon become less dreadful then they seem. For example, imagine if you crashed into the rear-end of another driver. Your liability coverage will kick in and pay for the damages that you caused with your insured vehicle. Imagine having to pay those damage costs yourself out of pocket!

It’s important that you understand the basics of what you are paying for and why it is necessary. By knowing these technical terms, you can make sure your auto insurance coverage is as complete and reliable as possible.