Not Made Of Money

Auto insurance can be expensive, but everyone has to have it. In fact, you can’t legally drive if you don’t have the minimum coverage required by your state. The best you can hope for is to purchase insurance for your automobile as cheaply as possible.

If you are hoping to keep your insurance premiums low, you’ll find a few different techniques that allow you to get the coverage you need without breaking the bank. A quick call to your insurance agent (or a visit to your insurance company’s website) will allow you to find out how these techniques will affect your premiums.

Raise your deductibles. The deductible on your insurance policy is the amount that you will pay before the insurance reimburses you for any losses or damages from a claim. Although no one wants to pay a lot of money when their car is damaged in an accident, keeping your deductibles a little higher can save you a lot of money in the long run. Consider raising your deductible from $250 to $500. You might even think about going as high as $1,000.

Pay your premiums bi-annually. When I was young, I always paid my insurance premiums monthly. Goodness knows that I certainly didn’t have a few hundred dollars lying around while I was in college to send to the insurance company. Imagine my surprise, then, when I realized that I could save as much as 15% of my premium just by paying it all at once. Although it hurt a little the first time I mailed them the larger check, I’ve learned to plan for their payment now. We save a little each month so that we’re not inconvenienced when the premium comes due.

Shop for new insurance. If you’ve been with your old insurance company for a long time, you might be pleasantly surprised by the premiums you can get with another carrier. An investment of half an hour or so may lead to big savings. Don’t forget that you can always call your old carrier and tell them about the great deal another carrier is offering you. They may even match the new carrier’s pricing in order to keep your business.

• Five Ways to Lower Your Car Insurance Premiums
• Is Homeowner Insurance An Entitlement?

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