Save Money on Your Auto Insurance

There are many strategies you can use to lower your auto insurance premiums. Below is a list of money saving tips to consider when shopping for your next policy.

Increase Your Collision/Comprehensive Deductible
By increasing your deductible you can reduce your insurance rates significantly. Just keep in mind that if your car actually gets damaged you will end up paying this higher deductible to fix the damage. For example, if that dent in your hood costs $1,500 to fix and you have a $1,000 deductible, you'll pay that $1,000 while your insurance company only pays $500. On the flip side, if your car receives $5,000 worth of damage you will pay only $1,000 and your insurance company will pick up the remaining $4,000. The amount of your deductible depends on what your personal financial status or requirements may be.

Review Your Policy on a Regular Basis
Find the time to review your insurance policy. You may be able to revise it if you have unnecessary add-ons (i.e. do you need towing if you have AAA?). You may also qualify for discounts you didn't know about. Here's a checklist to keep in mind:

Review Your Policy on a Regular Basis
An agent can save you both time and money when shopping for auto insurance. The insurance network works diligently with your specific insurance needs to find you the lowest rate possible. To request a quote from an agent in your area click here.

Consider What Car You're Driving
Driving a standard family sedan is considerably less risky than driving a flashy sports car. Your insurance rate not only reflects you as a driver, but also what you drive. When shopping for a car, keep in mind the insurance premium you'll likely pay. Financing a car almost always requires you to purchase collision/ comprehensive coverage to protect your financer's investment. If you are leasing a car, your finance company or bank may require the maximum insurance coverage as a whole to protect their property, since the car is technically not yours anyway. Contact your insurance agent or your car's financier for more information.

• Current coverage: Remove excess or overlapping coverage.
  
• Maximum limits: Maintain the required (or needed) amount.
  
• Drivers covered: Add/delete drivers to your policy if necessary.
  
• Vehicles covered: Add/delete cars to policy when necessary.
  
• Need for collision/comprehensive coverage: Determine the appropriate deductible, if any.
  
• Factors: Review the conditions that affect your premium such as age, address and marital status.

Note: If you own your car and its market value is less than $1,000, you may want to consider dropping collision/comprehensive altogether. The premiums may add up to more than what the car is worth!