Everybody is seeking cheap car insurance, but what many individuals want to know is how to find it. If your car insurance is presently high, there are several steps that you can take to lower your monthly premiums. If you are seeking a bargain-basement policy, remember that switching insurance companies may not be the best approach, especially if your present insurance company is trustworthy. Decreasing your cost may not make any sense if you end with a company that is questionable. Here are some great tips on how to find cheap car insurance.
1. Comparison shop
Often times the best deals can be acquired with your present insurance company, but sometimes the best deals will take you elsewhere. By comparison shopping, you may be able to uncover some cheap insurance companies that you may not have been originally aware of.
2. Bundle your policies
Many Insurance companies offer competitive auto insurance rates when you bundle your home owner’s insurance and car insurance with the same provider. The multi-discount can sometimes be in excess of 10%.
3. Raise your deductible
The Insurance Information Institute has reported that consumers can save as much as 20% on their car insurance if they increase their deductibles from $200 to $500. It is also important to understand that the higher the deductible, the higher the out of pocket expenses. If you are in a car accident and you have to put the deductible on a credit card, the cheap insurance is no longer cheap when you are paying credit card interest.
4. Ask about discounts for which you qualify
Take the time and ask your insurance agent about available discounts. For example, if your car is parked in a garage, you may qualify for a discount because your car is less likely to be stolen and it is protected from any possible weather damage.
5. Purchasing the right type of car
If you are in the market for a new car, the type of car you purchase can ultimately affect your insurance premiums. Cars that are expensive to repair or replace result in higher insurance premiums. Some safety features can also result in lower insurance premiums. Most major insurance companies provides discounts for air bags, anti-lock brakes, and anti-theft devices.
6. Don’t purchase unneeded insurance coverage
If you have an older vehicle that does not cost very much to replace, you can save by removing the collision and comprehensive coverage. Many experts state that insurers should do this when the actual cash value no longer justifies the insurance coverage.
7. Consider removing medical protection
Also, there is no need to pay for additional medical protection if you have already have good health insurance. This will also dramatically lower your insurance premiums.
A good insurance agent will discuss what is essential and what is not. These tips should assist you in finding the cheap car insurance.