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Car insurance premiums are generating a flurry of complaints across the United States. This is understandable, given the fact that a typical policy costs several hundred dollars per year. Annual premiums may reach a peak or ride the wave depending on your age, driving record, and other considerations. With such in mind, how can premiums be kept low and money be saved?
For instance, if you possess a car, most states require you to acquire a certain amount of liability coverage. If you want to be adequately protected, you should enlist for more than the minimal minimum. Without having to terminate your policy, you can save money on vehicle insurance by doing a few simple measures. Only a few of these stages may apply to you, depending on your background.
Top 8 Car Insurance Savings Tips:
1. Take a look around.
Take a look around! When your existing policy is ready to be renewed, with the risk of higher premiums, it's a great opportunity to start looking into alternatives. Even in states where car insurance rates are regulated, vehicle insurance costs for the exact same type of coverage on the same car model can vary by hundreds of dollars depending on the insurer firm.
2. Raising your deductible is a great way to save money.
Raising your deductible can help you save a lot of money on your insurance policy. If you increase your Geico insurance deductible from $300 to $500, for example, you can easily save 10% or more on your annual rate. Before you deal with this increased deductible when the time comes, make sure you have enough cash resources in reserve.
3. Clean up your credit report
The loan and insurance industries rely heavily on credit records. When it comes to this, car insurance firms like Geico and Allstate keep their eyes peeled like hawks. Your insurance company checks your credit histories to figure out how much of a danger you are. Allstate and State Farm can offer you lower auto insurance rates if you make your monthly credit card payments on time and have a clean credit history.
4. Keep the Mileage to a Minimum
Low-mileage discounts may be available to anyone who drive less than 7,000 miles per year. Check with your insurance company to see whether you qualify. If your new insurer allows it, try to keep your driver as close to the mileage restriction as possible. For long-distance travel, public transportation and flights can reduce mileage to safe levels.
5. Keep a spotless driving record
If you keep a clean driving record for a set amount of time, you'll get price breaks left and right (i.e. two years). During this time, your driving record should be devoid of accidents, moving violations, speeding penalties, DUIs, and other misdemeanors. To qualify for the discounts you deserve, become a defensive driver and always drive carefully.
6. Never drive a flashy Lamborghini through a metropolis.
Car insurance companies like Geico and Progressive assign a risk rating to vehicles. Because thieves love to go after sports cars, luxury cars, and high-octane Lamborghinis and Ferraris (to name a few), they pose a greater risk. According to studies, the drivers of these vehicles are more prone to accidents and drive recklessly. Expect to pay more for these vehicles than you would for a Honda Accord, for example. Standard sedans, station wagons, and pickup trucks are all in the same boat.
7. Take advantage of a multifamily/multipolicy discount.
Insurance firms are willing to offer discounts to customers who purchase many types of insurance from the same company (i.e. car and home.) You may be eligible for a discount if you insure more than one automobile under the same policy with the same company. It's a regular occurrence for couples to marry in order to take advantage of great vehicle insurance reductions.
8. Make Your Car Safer by Adding Safety Features
Your car's best buddies are safety and anti-theft devices. Installing automated seat belts, airbags, and anti-lock brakes in your automobile can result in discounts because they reduce the odds of your car being stolen or vandalized.
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