How to Save Money on Car Insurance

One of the biggest expenses that come with having a car is the insurance.  Depending on the State that you live in and your driving history this could be a monthly expense of over $120.00 or more that you need to pay every month.  The good news; there are many ways to lower your car insurance bills.  Some of them may be  obvious and some you may never have heard of.  Take a look below and see which ones may be able to help you.

One of the biggest ways to save is to increase your deductible. Simply by raising it from $250. to $500. Can save you anywhere from 10 to 30% a year. Increase it even higher to save even more money but keep in mind that you need to also drive well and avoid accidents.

Let your insurance agent know as much as possible about your good habits and safety features of your car.  This can potentially save you 5 to 15% a year if you don’t drink, don’t smoke, have automatic seat belts and so forth.

Dropping collision and comprehensive coverage on an older car is an excellent way to save 20 to 30% on your car insurance bill.  If you car’s value is less than a few thousand dollars letting those fall away is worth the risk of an accident.

When you purchase a new car make sure that it doesn’t have a premium surcharge on insurance because of the fact that it’s more stolen or costs more to repair. Depending on the make and model this could save you a few hundred dollars a year.

Like any purchase shop around for the best rates.  This may seem silly but rates do vary from one insurance company to another. If you could save a few hundred bucks a year it would be well worth shopping around, am I right?

Obviously you should avoid speeding and other traffic violations at all costs, especially DUIs.  These can increase the cost of your insurance substantially so always make sure to obey all traffic laws and stay off of the cops’ radar.  (Pun intended.)

And there you have it.  A nice bunch of excellent ideas for saving money on your car insurance.  If you can put all of these into effect you may well save hundreds of dollars a year, money that can go towards building your wealth and increasing your savings account.

 

 

 

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