Are you a victim of High Auto Insurance Premium? Do you think your Auto Insurance Premium is High? The answer to both these questions is invariably going to be a YES for the majority of us out there who enjoy driving a car. We take so much care of our cars and crib so much about the High auto insurance premiums, but do we really DO something to reduce it.
A few things to keep in mind and you can go a long way in reducing your Auto Premiums.
(1) Safe Drivers Pay less: You pay Insurance Premiums to safeguard against the risk of an accident. If you are a Safe Driver the chances of accident from your side are reduced considerably. Insurance companies consider your traffic ticket history as a measure of how safe a driver you are.
(2) Package Deal for Family Members: If your spouse has a driver’s license and if you add her to your Insurance Policy than you get a preferable rate for the premium.
(3) Shop around for Rates: There is nothing wrong in shopping around for Insurance rates. My experience has been quite good in shopping around for rates. Tip – Do take a quote from GEICO as they are one of the low cost Insurance Providers.
(4) Multiple Insurance Discount: Certain Insurance companies (like Farmers) give you a discount on the Auto Insurance Premium if you buy some other Insurance Policy (like Renter’s Policy) from them as well.
(5) Deductible limits: A deductible determines how much you have to bear from your own pocket in case of a claim. A low deductible implies a higher premium. Determine a proper deductible for yourself and you can lower the Insurance Premium.
(6) Safety Device on the Car: A part of the risk in insuring a car is a claim arising from the theft of the vehicle. Insurance companies generally provide a better rate if you have anti-theft devices installed on your car.
(7) Remove Collision/ Comprehensive coverage if you own a used car which is at least 10 years old.