Several Easy Ways To Save Money On Car Insurance

by guest on January 24, 2013

in Insurance

{The following is a guest post, covering several ways that you can save money on car insurance}

Everybody needs some extra cash once in a while.  Whether you are saving for a house or just want some extra spending money for the weekends, the aim is to cut expenses where you can and save the rest for yourself.  Car insurance is one of those expenses that give you a little wiggle room.  Here are some quick ways to save money on car insurance.

Deductible

Have you looked at your car insurance deductible recently?  Generally, the lower your deductible, the more your monthly premiums since the car insurance company knows that they will have to cover more if you are ever in an accident.  So if you can keep more cash set aside for the deductible if you ever need it, than you can raise your set deductible to that amount and save on your monthly premiums.  A jump from a $500 deductible to $1000 can save you real money per month depending on your plan.

Coverage

Is your car older than you?  Do you really need full coverage on a paid off car worth less than one year of car insurance premiums?  Please take a realistic look at your vehicle to determine how much coverage that you need.

It may be time to go down to liability only OR it’s the family vehicle with the most use and you need to raise its coverage.  Only you can determine your car’s worth and select the right coverage for you.  The less coverage, the cheaper the car insurance monthly premiums.  But you would also receive less help with an accident.  Try realistically balancing both of those points and selecting the right compromise for you.

Shop Around

If you know what coverage and deductible that you need, then it would be time to get several car insurance quotes to find the best deal.  Not all companies will charge the same thing for the exact same policy.  You can go online or call around to get a handful of quotes to choose from.

Online, there are location-specific sites that can give you multiple quotes from different companies at the same time, a good example of such service will be iselect in Australia.  You could also go to several companies’ websites and get the quotes one-by-one.  On the phone, just remember to give the same details to all of the representatives that you speak with.  Also remember to ask if you qualify for any special discounts since they can let you know the options.

Saving money on car insurance doesn’t have to be difficult.  Just be realistic and shop around.  With luck, you’ll get the coverage and deductible you want at a lower price than you’ve been paying all along.

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{ 2 comments… read them below or add one }

1 InvestitWisely

Shopping around is the most important thing to do and it has to be an annual ritual. Every couple of years, I make the rounds for quote which either confirm I have a good deal or present me with a better one.

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2 My Multiple Incomes

I make it a point to shop around before making any financial decision, and it’s really necessary to check out your options when it comes to getting an insurance provider in order to save money. Some people often do not have time to make a thorough comparison and often end up paying for a higher insurance premiums.

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