The right manner to save cash on auto insurance
Saving money on your auto insurance and
getting a good value for your premium dollar is not the same as getting
"cheap" insurance. Believe me, there are differences between
insurance carriers and there is plenty of "cheap" insurance out
there. That does not mean you will have the coverage you expect when the worst
happens and you need it most! There are however several ways to reduce your
premiums. Let's explore a few that might be beneficial to you:
Take physical damage coverage off your older
vehicle. If you carry "Comprehensive" and "Collision"
coverage on a vehicle that is over 10 years old, go to the websites for NADA or
Kelly Blue Book and check out the vehicles current market value. You may be surprised
to learn that you're spending hundreds of dollars per year for coverage on a
vehicle where the return on a total loss may not be a cost- effective
investment. Be sure to add however coverage called "UMPD" that will
give you coverage for the market value of your vehicle if it becomes a total
loss when in an accident caused by an uninsured motorist.
Increase your physical damage deductibles.
The amount that you are responsible to pay when you have been in an accident
that causes damage to your vehicle or when your car is stolen or any other
covered cause of loss should probably is increased. On average, if you are a
good driver, you will probably have a covered loss once in seven years or less
so you may be spending hundreds of dollars per year for coverage used
infrequently.
Insure multiple policies with one carrier. If
you decide it is time to "shop" your auto insurance, you should be
shopping both your auto and homeowners insurance. Carriers offer significant
discounts on both the auto and home policies if they are with the same company.
These discounts can be up to 25%. With the cost of insurance these days, that
can be enough to pay for that tenants policy that you should have and maybe
don't or the cost of an extra million dollars of liability that you need to
properly protect your assets.
Add "towing" coverage on your auto insurence.
Many carriers offer "towing" coverage that includes key lock out and
delivering gasoline if you run out of gas, etc. for far less that purchasing
the coverage separately through a "club."
