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Search for the best agent as well as the best coverage.
Remember that what you pay in premiums is based on a combination of factors.
- Your premium is based on 8 primary factors:
- How much coverage you have
- What kind of coverage you have
- How large a deductible you pay
- Your driving record
- Theft and safety statistics of your auto
- Your driving record
- Accident statistics in the area where you live
- How much you drive
- Other drivers on your policy
Increase your deductible.
By increasing your deductible, you increase your share of the risk to insure you. It may seem counterintuitive – – paying more when you want the insurer to bear the risk of loss, but what you really want to insure is the risk of a large, catastrophic loss. Remember, increase your deductible only when and to the amount you can afford to pay if you have to initiate a claim.
Eliminate or reduce unnecessary coverage.
Some auto insurance such as collision or comprehensive coverage is aimed at protecting your vehicle and providing for medical expenses. If you have health insurance coverage and your insured vehicle is not very valuable, you may not need the extra coverage.
Drive a car with low theft loss and accident history.
Check with the insurance institute for Highway Safety for theft loss and accident statistics of your auto. In addition, your insurer is likely to offer a discount if you use a car alarm or other anti-theft device.
Safe driving is an important way to avoid accidents in the first place. Put another way, obtaining auto insurance doesn’t give you license to drive recklessly. Over time, a safe driving record means fewer claims and lower risk. Insurers will reward you for these good habits. Insurers are likely to offer a discount if your auto uses air bags, seatbelts, safety-harnesses, anti-lock brakes or running lights.
Some insurers offer discount if you limit the number of miles you drive or use alternative transportation to get to work. The fewer miles you drive, the less likely you are to have an accident and file a claim. Insurers often discount your rates if you use alternative transportation for work.
Limit the risk.
Many insurers will gladly cut you a break on your premiums if you share in the risk. One way to do this is to limit the maximum amount of potential liability the insurer will face.
Don’t forget liability coverage.
Many people lower the deductible and the liability at the same time. We suggest you raise the deductible and increase your liability coverage. Your premiums should remain roughly the same, but if you get in an accident that is your fault, you’ll be glad you opted for a higher liability level. Remember, the younger you are (typically a lower net worth level), the lower your liability coverage can be. The greater your net worth level, the higher your liability level should be.
If you have health insurance, you can save some premium dollars be reducing your coverage on personal injury. Why pay twice for the same coverage.