There are many ways that can assist you to reduce the costs of your auto insurance. Whether you’re young or old, female or male, follow our 5 tips in order to lower your auto insurance premiums;

1.Cost comparison

This is certainly one way that you can use in order to save money on your auto insurance. Shopping around and comparing different costs when you intend to renew your insurance cover will help you save a lot of money. However, you should be very careful. When you are shopping around, it is very crucial to ensure that you’re also comparing the qualities of the insurance policies. This is due to the fact that some of these may look cheaper, although you may realize that you lack similar coverage level when making a claim. Luckily, with the advanced technology, you may utilize various online cost comparison sites to make the task even easier. The only thing you are required to do is to enter your details in these sites and compare the prices and quotes that show up. Additionally, you may change the excess amount you’re willing to cover and mileage you intend to drive in order to obtain new quotes. The best thing with these sites is that they enable you to make quote comparison of various large insurance firms. Some of the common auto insurance comparison sites include ComparetheMarket, GoCompare and Confused.com. In order to compare various costs of auto insurance, gathering this information is very essential.

2. Consider higher deductibles

Deductible refers to the amount of money that the insured is supposed to pay in order to cover the loss incurred in a car accident which he/she is deemed responsible. The insurer pays the remaining amount so as to cover the total loss. You can be able to substantially lower the cost of your insurance premiums by including high deductibles in your insurance policy. For instance, raising your deductible to $500 from $200 may cause the cost of your comprehensive and collision coverage to decrease by approximately 15-30 percent. Similarly, opting to choose an even higher deductible for instance $1000, you can save from 40 percent and above. However, before selecting higher deductibles, ensure that you have set aside enough money to pay in case you have any claim.

3. Low mileage rates

Reducing your mileage rate will help you to save a lot of money. However, you must ensure that you are completely honest about the annual mileage rate since inaccuracy may compromise any insurance claim.

by Thomas Anderson

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