A few ways to save money on your car insurance.
1. Compare rates.
As a consumer, you should consistently shop around for insurance. Even in cases where you're very satisfied with your current carrier. If you do not feel that you should change insurance company, at least get a few quotes from other carriers to compare rates. Just make sure that they provide you the same coverage and benefits during the quote process. After that you could always challenge your current insurance carrier and let them know that you've found a much lower rate elsewhere, that way they could possibly lower your premium. Insurance companies don't like to lose customers, so they will always try to meet the rate as a way to keep your business and compete. Chances are another company may be more competitive in their pricing, so just for that reason it's worth a try getting a few free quotes. We all know that a few bucks less sometimes is not worth it or enough to change insurance companies, which makes sense. But keep in mind that as long as you target top rated insurance carriers, most likely the coverage and benefits will be similar. Therefore it's ok to try another if you feel that you're paying too much.
2. Increase your Deductible.
When you have a loss and decide to file a claim, the deductible is the portion of the loss that will come out of your pocket. So by increasing the amount of your deductible on your policy, your rate should drop substantially. This is not recommended in every case however, as some people prefer to not have to pay anything themselves when a loss occurs. In an auto related accident, keep in mind that you never have to worry about paying deductibles when you have a not-at-fault claim. The other party's insurance should pay the claim in full. Please review your policy declaration statements or contact your agent for more details.
3. Get only what you need.
I understand that having high coverage limit on your insurance is better than having lower limits. In fact who wouldn't agree? Just try to not to overpay for properties that are almost worthless. Make some research and figure out if paying $2000.00 a year on a $1500.00 property is worth insuring. When it comes to auto insurance, most consumers carry only liability insurance for this reason. Otherwise they'd be throwing away money to insurance companies. Even your liability limits can be too high or have room for some saving. Remember that the state minimum limits are set based on statistic of what you will most likely need. Meaning that most people that are "liable" to others during at-fault accident cases will fall within those limits. With Liability being the most important and usually the mandatory part of your insurance, there are some exceptions that one should take under consideration. Basically Insurance companies will usually advise to consumers to carry high or the highest liability limits when they own a home or have valuable assets.
