Nobody wants to pay more for car insurance that they must˳ Of course, car insurance is required in nearly all states, and even in the states where having it is not a state law, it is still a very great idea to carry it˳ However, the key to getting maximum benefit from the car insurance you have without stretching your billfold to the breaking point is to ensure that you are neither OVER insured nor UNDER insured, and determining where that balance is may be a tough task˳ That is, it can be tough if you do not put the required research into it˳
This article will offer several tips and methods you can use to reduce your car insurance rates while still maintaining sufficient coverage to protect you and your car˳
Find out how much you drive per year˳ Most car insurance policies are written assuming that the driver is going to put 12k to 15k miles per year on their car, but do you drive much less than that? If so, some insurance companies offer a low mileage discount if you can truthfully say that you drive less than approximately 7500 miles per year˳
Utilizing your car for business uses can be a good tax deduction but you are going to pay for it via your car insurance˳ Does your employer pay you a car allowance each month? Do they pay you mileage every month? If not, then they likely have no “vested interest” in your car and you may not have to state that you use it for business to your insurance company, where an additional fee might be added if you tell them you do˳
What numbers are you applying for your various deductibles? Keep in mind, you have a deductible for collision, another one for comprehensive, maybe even another one for fire, and these do not need to be the same number˳ The deductible is the amount that you pay out of your pocket if you make a claim˳ Of course you do not want to file a claim, but note that you can save a great deal by raising your deductibles from for example $250 to $500, or from $500 to $1000˳
What does your credit report have to do with car insurance? Very much these days, since increasingly car insurance companies are starting to apply the data on a customer’s credit report to determine their credit score and adjust their premiums consequently˳ The insurance companies claim to have statistical grounds that says that individuals with bad credit scores file more claims˳ Although there are several consumer advocacy groups that are disputing this claim, some insurers are doing this, therefore it is in your best interests to watch your credit report and determine that there are not incorrect entries on it, and that your credit score is as high as it can be so that your premiums will be as low as achievable˳
Safeguard your car and keep it maintained˳ Some insurers offer additional deductions if your car is equipped with air bags, anti lock brakes, and an alarm system˳ If those features did not come from the factory installed on your car, it might be a financially sound decision to have them installed if you can get discounts on your insurance as a result˳
In all likelihood the single most significant thing you can do to lower your car insurance is to shop around˳ Compare rates and policies, both online and offline, but make sure you are really comparing apples to apples when comparing policies, since a super deal may have a $2000 deductible and no theft insurance coverage, which does not make it a deal the least bit˳
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