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;
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
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.
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Victoria Addington says
I find it interesting that you listed some tips on finding a cheap automobile insurance policy. My brother is planning to buy his second car, and he asked my help in selecting the right insurance coverage since he’s thinking of purchasing a sports car. With that considered, I shall then suggest to my brother to try reducing his mileage rate so he can save some money.