Put A Cap On Your Auto Insurance Premiums and Enjoy More Peace of Mind
If your car is worth less than 10 times your annual insurance premium, buying extra coverage may not be worth the investment. That's one great thing about owning an older car!"
It never hurts to ask...
Auto insurance premiums change from region to region. You might be shocked by
how much. Don't just go with the first agency you speak with - you definitely
need to shop around for your car coverage.
Now, thanks to the Wordwide Web, you can shop around right from the
comfort of home. Go ahead and get at least three price quotes from different
kinds of insurance companies.
If you're in the market for a new car, call to see how much it will cost to get
coverage in the first place. Having a car alarm and other anti-theft devices
can help lower your costs. Always ask about discounts. Don't be shy - companies
expect this.
What's your cost if you have a $500 deductible? Increasing your deductible from
$200 to $500 could lower your collision and comprehensive coverage premium by
as much as 30 percent. Neat, huh? Changing to a $1,000 deductible can save you
40 percent or more. But hey, if you don't keep at least this much in the bank,
don't elect this option. Not a good
idea.
If your car is worth less than 10 times your yearly insurance premium, getting
extra insurance may not be the wisest use of your money. That's one upside to
owning an older vehicle. If you have great credit, a clean driving record, low
annual mileage, or other upstanding factors in your favor, be sure to say so
when shopping for a quote.
Be sure to ask your agency if the insurance company offers any other cost
reductions. Some companies offer lower
premiums to drivers who get coverage through a group plan through their
employers and other professional groups. It's good to ask. Not every insurance provider will offer the
same reduced rates. Compare the bottom line that different companies offer you.
It's worth it to hunt for bargains for your car insurance!
Written by Jack Schmidt
Special to SectorMatic Money Site
JackSchmidt@SectorMatic.com
