Description: by now you’re probably tired of your insurance rates continuing to go up and up. If you are here are five tips on how you can save money on your car insurance policy.
I wonder if is just me, but it appears that regardless of how bad of how good the economy is insurance rates are consistently going up, especially when it comes to car insurance. With my policy soon to expire, I started snooping around trying to figure out if I could save any money or odd that commercials they claim that switch to us and save are nothing but lies.
One of my first calls was to my agent at Auto Insurance Miami Lakes. They are an independent agent representing over 50 insurance companies. I chose them because as an independent agent to have the ability to get quotes from different companies. Made to explain that although there are things that you can do to save a little bit of money overall most of what Geico and Progressive and all of these people claim our lives.
With that said, it did give me several tips on how to save the next time I renew my auto insurance policy.
Tip #1 – Get quotes from different carriers. Auto insurance companies spend a lot of money on advertising because they want you to come straight to them for a quote. When shopping for automotive insurance, the best thing to do is to go to an insurance agent who handles multiple companies. These types of agencies are often called independent agents or brokers. Overall they can give you the best price by getting multiple companies to bid for your policy.
Tip #2 – Pay Online! Insurance companies want to get their money ASAP. They are even willing to give you a discount if you pay electronically. One easy way to save money on your auto insurance is to have your agent set you up with online payment. Not only can you rest assure that the payment is getting processed promptly, but you can save a dollar or two by doing so.
Tip #3 – Buy multiple policies. With a few exceptions, the majority of auto insurance carriers offer multiple types of policy such as business or commercial insurance, home insurance, renters insurance, and even life insurance. It is often worth the effort to ask the carrier what discount are they willing to give you for purchasing multiple types of policies. Believe it or not, the policy discounts are substantial and sometimes even worth changing carriers.
Tip #4 – Paid the entire policy all at once. Insurance companies do not finance insurance policies this account receivable get sold to third-party companies who specialize in financing insurance policies. The insurance company is not going to discount the amount owed as it is often the case in debt consolidation cases. To the contrary, a premium is added to the policy to cover this expense. Furthermore, many insurance companies are even willing to give you anywhere from 10 to 15% discount to get their money up front.
Tip #5 – Increase your deductibles. Many studies have shown that insurance policies which get audited by an insurance professional reflect that a great majority of people are over insured. In many occasions racing your deductible by as little as $200-$300 can mean savings of up to 15% on an average car insurance policy. These overages are more often than not the result of online shoppers selecting boxes without having an idea of what they mean.
At the end of the day and after reading quite a bit of material on the subject have to recommend the old school approach of consulting and insurance agent rather than shopping online. My agent was able to look and analyze all of my policies, based on that we made several changes that resulted in substantial savings.