Automobile Insurance Tips
No matter what type of vehicle you drive, it is essential for you to have the right insurance coverage in place. Driving without insurance is both dangerous and illegal. Fortunately, you can get the coverage you need at a price you can afford as long as you shop carefully and know what to look for.
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Collision Coverage
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If you have an older model vehicle, you might be able to save money by dropping the collision coverage on your car. Check your policy carefully to determine how much this optional coverage is costing you. Then check the value of your car with a quality resource, such as the Kelley Blue Book. If the value of your car is less than 10 times the annual cost of collision coverage, it might be time to drop that expensive insurance. You can funnel the premium savings into a savings account and use those funds in the event your car is totaled in an accident.
Safety Features
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You might be entitled to some significant discounts if your vehicle is equipped with common safety features, such as anti-lock brakes and side curtain airbags. When you shop for car insurance, be sure your agent knows about the safety features on your vehicle and any additional features you have installed. For instance, you might be able to save money on full coverage if you use an anti-theft device in your car or if you regularly park your vehicle in the garage.
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Shop Around
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Simply shopping around is one of the best ways to save money on car insurance without sacrificing quality coverage. If it has been some time since you bought your policy, you might be able to save some money by comparing the costs at other companies. You might also be able to save money by combining your auto insurance and homeowner's insurance with the same company. If you use separate providers for auto and home, call both companies and request a quote for a combined policy.
Check Insurance Costs First
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If you are in the market for a new car, check the insurance costs of each model you are considering. Insurance costs can vary widely from vehicle to vehicle, and the difference in cost could be enough to sway your purchase decision. Write down the make and model of each car you are considering, then call your insurance agent and ask for a quote on the coverage you will need. Get a quote for full coverage, including comprehensive and collision, if you are buying a brand new car or a late model used one.
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References
- Photo Credit yellow car, a honda japanese sport car model image by alma_sacra from Fotolia.com
