I have to admit that writing about insurance isn’t the most exciting thing in the world. I mean I could think of about 25 more exciting things to tell you, right? Let’s hope so…But it IS quite important as it’s one of those expenses that sticks around.
And, right now our little blog is in it’s early stages and it needs to be complete with resources for the “personal finance essentials”. You know things like how to get out of debt, highest interest rate checking accounts, how to save money and budgeting. Well one of the things we like to talk about around here happens to be HOW TO SAVE MONEY…
So, as a follow up to yesterdays post which focused on How Much Insurance You Need. Today, we’re going to look at 3 ways to lower your insurance costs…
1) Pay for the Insurance Premium a Year in Advance – If you can afford it, do it. Why? You can reduce your costs 10-25%. I like to do this every December for the upcoming year. If it’s not in your budget, don’t sweat it; just remember it when you are able to afford it. You’ll save money right away.
2) Get a Higher Deductible – Yes, you’re going to have to pay for that $500 fender bender. The key as we pointed out in yesterday’s post was to raise your auto coverage to protect your assets. Once you’ve done that, raise the deductible. Cars are replaceable and given the choice to replace my car or my lifetime savings, I’ll choose the former.
3) Review Multiple Insurance Providers – Lets face it, as long as you’re dealing with a reputable company with a decent customer service track record (meaning apples to apples) you need to shop multiple companies for the lowest or at least one of the lowest quotes. Often times these quotes can vary 10%-50%. A great place to check for the lowest rates on car insurance is, CarInsurance.com .
There you have it, a few simple ways to save money on your auto insurance. One last suggestion to remember, is to shop rates every year. Just because your are with ABC Auto Insurance this year does not mean they will be the lowest cost provider when your policy is up for renewal. So, be sure to check out Car Insurance.com or a similar service at least once per year.
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