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Saving Money on Auto Insurance

by Nikki Willhite

 

My husband worked in the insurance industry for many years.  It didn't take long to learn that all insurance companies are not alike.  Some have higher premiums. Others offer better service.
 

As far as saving money on your insurance premiums, here are some things to keep in mind:

 - Every state has an Insurance Department. Send for all the free information they have. Each state is different as far as average premiums and the legal coverage required. Find out the basics so you can comparison shop.

- Get the highest deductible you feel comfortable with. The higher the deductible, the lower the premium.

- If you insure more than one car with the same company, you should qualify for a Multi-car discount. If you also insure your home, it is a Multi-line discount.

- Ask about good driver discounts. Several companies offer them to adults, as well as the good student discounts.

- Avoid buying cars that cost more to repair or have a high rate of theft. They have higher premiums.

- If you have an older car that is not worth much money, think carefully before buying collision coverage. Your premiums will be more than you would get on any claim.

You might want to do self-insurance.  Just take the money you would have paid for collision insurance and put it in the bank.  If you have an accident, the money is there.  If not, you can keep it.

To determine the value of your car, consult the Kelley Blue Book: 
http://www.kbb.com/

- If you don't put a lot of mileage on your car each year, or use it to drive to work, ask for a low mileage discount.

- If you have air bags, you can may also receive a discount.

- If you have a choice, your premiums will be less in more rural areas than in the city, where more accidents occur.

 

About the Author: Nikki Willhite, mother of 3 and an interior design graduate, has been writing and publishing articles on the topic of frugal living for over a decade. Visit her at www.frugalhappyfamilies.com - where you will find hundreds of frugal living tips and articles. Frugal Happy Families- more than just money! 

 

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