Friday, July 6, 2012

Tips to How to Find Cheapest Auto Insurance Rates

Find cheap auto insurance quoteLooking for the best auto insurance quotes? Know what factors affect car insurance prices? Here are fifteen tips to help you find cheap car insurance:

1. Maintaining a good driving record – Good drivers with fewer accidents or citations (i.e. speeding tickets) on their records will likely get cheaper insurance quotes than reckless drivers. If you have a DUI on your driving record, you may not even qualify for an insurance. So drive safely and maintain a clean record to save on your car insurance. It goes without saying that you should always drive safely from the seconds you turn on the engine.

2. Increase your deductible – Raising your collision and comprehensive deductible will get you lower auto insurance rates. Auto insurance deductible is the amount of expenses that you agree to pay out of pocket before the insurance company pays. Keep in mind: the higher the deductible, the lower the premium, leading to cheaper insurance rates. Make sure you know how much you can afford to pay for deductible in the event a claim happens.

3. Multi-car discounts – If your family has more than one car, consider purchasing auto insurance for all of the cars from the same insurance company to get cheap car insurance.

4. Remove collision policy – If you drive an older vehicle that costs $1,000 or less, consider eliminating collision coverage on your policy. It’s unnecessary to buy full coverage on an older car that is worth less than the cost of your insurance plus the deductible.

5. Avoid duplicate coverage – The auto insurance companies will try to cross sell you their health insurance program that provides medical coverage in the event of a claim. If you already have health insurance policy, why buy more coverage when you don’t need it.

6. Type of vehicle you own – If you’re out purchasing a new car, consider buying a car that costs less to insure. For example, luxury car models like Mercedes, BMW, Lexus, etc., as well as SUVs and sports cars with lots of horsepower are most likely to pay premium insurance rates. Whereas vehicles like Toyota Sienna LE minivan, Jeep Patriot Sport, Ford Escape, Kia Sportage, Hyundai Tuscon, Hyundai Santa Fe, Toyota Corollas, GMC Sierra K1500, and Chevrolet Silverado 1500 will get cheaper insurance rates.

7. Shorter commute to work or school – Auto insurance companies often ask how long does it take you to commute to your work or school. This ties into how much mileage you drive per day and on an annual basis. You’ll get more discounts if you drive less.

8. It’s about you – Your marital status, income levels, credit scores, and where you live are all factors that may affect your auto insurance policy. If you’re married, you and your spouse may qualify for cheaper insurance rates than if you’re a student or driver younger than 25 years old (see tips below for student drivers). If you have a low credit score, you’re considered a high risk to the insurer and as a result, you’ll pay more for car insurance. If you live in a neighborhood with high vandalism or crime rate, there’s an increased risk of vandalism, car theft and collision, leading to higher cost of car insurance rates. Consider installing an anti-theft device in your car to get cheaper insurance quotes.

9. Your college degree or major matters – If your college major is in engineering, you may qualify for auto insurance discounts with select insurance companies. You don’t need to be a student to qualify for this type of discount. Engineering professionals may still qualify. Ask your auto insurance company about discounts related to your academic study.

10. Maintaining good grades in school – If you’re a student or a young driver under 25 years old, you may qualify for student auto insurance discount if you maintain a B average in school or has a Grade Point Average (G.P.A) of 3.0 or higher if you enroll as a full-time student in college, regardless of whether you are on your parent’s auto insurance policy or you purchase your own policy under your own name. You’ll need to provide an official transcript or letter from the admission office that shows that you’ve maintained a B average or GPA of 3.0 or higher with full-time student status.

11. Driver training or safety course certificate – Insurance companies may also give a discount to students and young drivers under 21 years old that take and pass a driver training or safety course.

12. Student Away at School discount – Drivers or students under 25 years old listed as a dependent on their parents’ auto insurance policy may qualify for a Student Away at School discount if they commute to school at least 100 miles away from home.

13. Make annual payment – Paying your car insurance in installments will cost you more. Insurance companies charge a premium fee for paying your insurance monthly, quarterly, or semi-annually. Pay your insurance once a year to save money. And better yet, depending on the car insurance company, you may receive discounts on your car insurance just by choosing paperless billing.

14. Make Electronic Funds Transfer (EFT) payments – Insurance companies charge more for paying over the phone and up to $5 for mail-in payments. Consider using EFT payments that automatically withdraws money from your checking account or credit card every month. Using the auto payment system can save you time, while avoiding paying late charges in the event you forget to make payments.

15. And this leads us to the final tip: Compare auto insurance rates before you buy. Do you know how much insurance companies like Allstate, GEICO, and 21st Century Insurance charge for auto insurance policy? Whether you own a car, a boat, RV, ATV, or a commercial vehicle, be sure to compare insurance prices at esurance before you commit to purchasing car insurance. The cheapest insurance rates are within reach if you take the time to compare insurance quotes.

Hope the saving tips above help you save a few hundred dollars on your car insurance. And please drive safely.

-Andrew

 

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