If you are thinking about shopping for new car insurance, the first thing to do is to calculate how much your average monthly car insurance payment is˳ Noting this down with the exact type and amount of coverage you have, you will have the necessary information to compare across policies˳ Many people make the mistake of taking into account too many extra and external factors when comparing across brands or policies within a brand˳ The truth is that beyond the major amounts and types of coverage (deductible, collision coverage, etc) and customer service information, one policy is the same as the next one, so it is fine to shop specifically on price, which is great news given the economic climate these days, and how people are looking for savings wherever they can be found˳
To figure out your average monthly payments, simply divide your last payment over the number of months it covered˳ For most people this will be six months˳ Now if you are considering a monthly car insurance plan, you have the exact number you need to beat per month in order for the new policy to be better than your existing one, especially taking into account the credit score boost you may get from demonstrating the ability to make frequent payments˳ Like regular credit card payments, the three main credit bureaus take that into heavy account˳
One thing to consider if you are trying to lower your average monthly payments is to keep your grades up˳ Better grades are statistically correlated with better driving records, and so many insurance companies give customers discounts on their policy for keeping their grades high˳ They give these good student discounts on auto insurance because these drivers are less risky to insure, and since insurance is a commodity, they are willing to compete for your business in order to get and secure you as a customer˳ Take advantage of their generosity!
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