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Seven Tips For Saving Money On Auto Insurance

When visiting car dealers' end-of-year clearance sales, millions of Americans start looking at and begin buying new cars.
However, only 25% of U.
S.
drivers annually review their auto insurance coverage, and most don't know how to reduce their costs.
When shopping around for auto insurance quotes, keep the following money-saving tips mind.
Talk with your insurance agent before you buy a car.
Theft frequency, repair costs, and passenger protection can significantly affect insurance rates.
Sitting down and discussing coverage with a trusted auto insurance agent is free.
It can ensure that you are getting the best deal possible on your auto policy and it may even keep you and your family safer.
Keep in mind where you live.
Rates vary widely, even by county.
Theft and vandalism rates, police response time, local road and traffic conditions, the quality and cost of medical care, and litigation rates are all factors that may affect the cost of auto insurance.
Review your auto insurance policy regularly.
Make sure that you are not over or under insured.
In the last year, one-in-four auto insurance consumers have not reviewed his or her auto insurance coverage.
Consider using higher deductibles to lower auto insurance premiums.
Insurance is designed to protect consumers from major financial losses.
How catastrophic a $500 loss is depends largely on a consumer's income level or savings.
Some consumers should consider the cost-benefit of a higher deductible-the amount for which you accept responsibility before the you pay anything.
The savings can be used to increase liability coverage limits that protect you from claims made by others.
By choosing a higher deductible of $500 to $1,000, you could reduce your premium by 10% or more.
However, it may not be feasible for those who cannot afford to cover the higher premium.
Buy a low-risk car.
Think about buying a car that is not a top theft target.
Consumers can check the auto theft losses by make and model through the Highway Loss Data Institute's Web page: http://www.
carsafety.
org
.
As stated previously, theft frequency has a direct effect on premiums.
Take advantage of discounts.
Most, if not all, agents and companies offer premium discounts, and 85% of auto insurance consumers say they take advantage of them.
Depending on the insurance company, consumers can often lower their rate by up to 35%.
Always shop around.
Using a trusted auto insurance agent who sells insurance for an average of eight different companies can save you time and money.
Below are some of the most popular discounts: • Good driver/accident-free • Multiple cars on one policy • Anti-lock brakes • Airbags • Multiple policies with one insurer • Passive restraints • Anti-theft devices • Drivers' education • Good student • Senior citizen/retiree • Non-smoker • Away at School • Good credit history Stay with standard companies as long as your driving record allows.
Non-standard insurers are often viewed by standard insurers as insurers of last resort.
Following these tips offer a number of money-saving opportunities which potentially could be used to buy a better car.
A savvy and diligent consumer can save substantially when shopping for auto insurance for their new car.
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