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Digital News Report – Car insurance is not the first thing you think of when you want to save money, but not doing your due-diligence can cost you. In most states insurance is mandatory for all drivers and it can get expensive.
So how do you save money? A recent entry at Bank Rate explained to readers how to save money. Consider your deductibles and the type of car you buy. Here are some of the highlights:
1) You don’t have to buy coverage with the lowest deductible. These policies can cost more and it doesn’t matter much if the deductible is $500 or $1,000 when you are hit with a $500,000 lawsuit. It may be wiser to increase your deductible and increase your liability coverage.
2) Your credit report may be more important than you thought. Today some insurance companies consider your credit rating. Pay your bills on time to lower your bills.
3) Take advantage of all of your discounts. If you combine your homeowners insurance with your car insurance you may be able to lower your rate. Tell your agent about your safety features.
4) Compare the rates with one company with the rates of other companies. If you want to combine your auto with home insurance, find a company that will do that.
5) Pay for longer terms of insurance. You can get a discount if you pay for six months or a year rather than month-to-month.
Older drivers pay less. If you are married, you might get a discount for that too. Some policies may give a discount on car alarms. Call your agent and ask them if they give that discount.
Insurance rates may also depend on where you live.
Make sure your agent asks you all of the pertinent questions.
By: Tina Brown
Business Writer
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