Easy ways to get the best possible auto insurance deal
Congratulations! You just purchased the 2029 Tesla Model 9. You made it in the world. Now, let’s hit the dating scene hard and find your future life partner. Dang, you forgot that something called reality still exists in 2021. It hits you that the 2029 Telsa Model 9 didn’t come out yet and you are happily married with four young kids. Then you hits you that you really brought a 2019 Ford Escape. All is not lost because this is actually the car that you need for your current situation. Now that we are back to reality, it is time to talk about how to find the best possible auto insurance deal. However, always remember that auto insurance is not about picking the cheapest option. It is about protecting your assets. Follow these tips and you'll slash your auto insurance costs.
1. Multiple Quotes
Get multiple quotes - use the internet and call a few brokers. It's easy to gather some good comparison quotes. Remember to get different types of quotes e.g one from a direct-sell insurance company; another from an offline broker who keeps a database of quotes; and a couple from the internet. Cheapest might not mean best. Will they pay out if you make a claim? How financially secure? How reputable? Also don’t forget to consider how your assessable will be your insurance agent. Check around with family and friends, and look for online reviews.
2. Different type of car
Insurance costs vary depending on car type. If you're planning to buy a new car, check insurance costs before you buy. Don’t be one of those people that buy an expensive car but can’t afford maintenance and insurance. Doing this may force you to make reckless decisions like purchasing a cheap insurance plan that doesn’t properly protect your assets.
3. Age and Value of Car
Maybe you're buying a used car? Maybe your car saw better days a few years ago, and now values much lower? So why pay for high-priced auto insurance? In particular, do you still need fully comprehensive coverage? A good rule of thumb multiplies insurance premium by 10, and compares that figure with your car value. So if you're quoted $1000 premium and your car is worth less than $10,000 you may want to think if comprehensive represents good value. If you drop collision and/or comprehensive coverage, you should get big savings.
4. Higher deductibles (excess charges)
Most auto insurance companies use deductibles to keep policy cost down. Deductibles, or excess charges, show what you pay before your auto insurance policy kicks in. Try requesting quotes with different levels of deductibles, and see how your quotes vary. Most internet quote forms contain a box where you can specify preferred level of deductibles. Ask your broker his recommended level. For example, going from $250 to $500 deductible can slash your insurance costs by 20% or more. Go to $1000 and you save a lot of money. But you must pay the deductible if you need to make a claim! Therefore, chose your level of deductible very wisely.
5. Bundling Discount
You usually get an insurance break if you buy multiple policies with the same insurer. This might mean multiple vehicles, or homeowner and auto insurance. Either way it's worth asking about multi-policy discounts. Do the math! It may save you a lot to have all of your policies under one insurance provider. Think out of the box, renter’s insurance may qualify too.
6. Low Mileage
More and more people work at home. No more commuting. Fewer business trips but more Zoom meetings. Low mileage on your car. Maybe you do travel to work, but car pool? Some insurance companies give you low mileage discounts.
7. Good Driving Record
A good driving record always reduces your auto insurance costs. Keep a clean drivers’ license. Don't speed, don't drive dangerously, and you'll save money (apart from other benefits!). Remember if you want to be a legal speed race, Formula One teams are always on the look out for promising drivers. If not, take it easy on the road and save money.
8. Fit anti-theft devices to your car.
Most auto insurance companies offer discounted insurance premiums to policyholders whose cars are fitted with anti-theft devices, though the exact discount varies from company to company, or state to state. One general rule, however, is that the greater the amount of automation your anti-theft system has, the more of a discount you will receive.
9. Go on an advanced driver training course.
Advanced driving courses can make you a safer driver and improve your confidence behind the wheel, especially in difficult conditions such as adverse weather or rush hour traffic. As car insurers generally view advanced drivers as being less likely to have accidents, completing an advanced driving course can also help cut your car insurance costs.
10. Use daytime running lights.
Daytime running lights could help you indirectly save thousands on car insurance. Daytime running lights are proven to reduce the risk of accidents. Statistically, you’re less likely to get into an accident in a vehicle with daytime running lights.
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