5 Money Saving Tips When Buying Car Insurance
Living in these difficult economic times, highlighted by rising gas prices, it is more important than ever to save whenever you can. Read on to learn about five money saving tips when buying car insurance.
It is very easy to become content or complacent with your current automobile insurer, but that can be a costly mistake. Get quotes from other insurers and save them. In fact, try obtaining new quotes a few weeks before your renewal date. Then go back right before your insurance expires and go through the process again. Pricing can change a lot within a month, so compare your quotes and choose the best one.
Keep Your Vehicle Standard
In this economy, you may want to forgo those fancy extras like specialized wheels. Modifications to your car need to be reported or you could risk voiding your policy, and the more changes there are to the factory specifications, the higher your insurance premiums are likely to go.
Be Accurate with Mileage
Annual mileage is a big factor in your premium costs. Keep an accurate accounting so that you can provide your insurer with a realistic depiction of your driving habits. The less mileage, the better. This goes for the use of your vehicle as well in terms of how much recreational driving you do along with commuting to and from work and even when and where you drive.
Protect Your Vehicle
With thieves targeting not just the entire vehicle, but its parts, the more you can protect your car, the more likely you can reduce your costs. For example, add an alarm, steering wheel lock, or GPS tracking. Also, if you can, park your car in the garage, or at least in your driveway. Cars parked on streets are more likely to incur some type of property damage and can increase your rates. Go on the offense in safeguarding your car and get bigger discounts on your policy.
Consider Your Coverages
Automobile insurance has a lot of components to it, such as liability, collision, comprehensive, personal injury protection, medical payments, uninsured motorist, under-insured motorists, emergency road service, and car rental reimbursement. Make sure you do not over insure with coverages you do not need. One example is with emergency road service, which is sometimes called towing coverage. If you belong to an auto club, this could be redundant. If you have a wide network of family and friends, rental reimbursement could also be unnecessary.
Insurance coverage can be expensive, but it is necessary and can save you from losing your home and/or savings should you ever be involved in an incident that is your fault. It is important to keep your insurer up to date on changes that could reduce your premium. Obviously, paying your premiums is a must. Otherwise, your coverage could be canceled, which is as devastating as not ever having had a policy.