Tips to Save on Your Automobile Insurance Premium
Not all insurance companies are the same. Not all insurance policies are the same. You can literally save thousands of dollars by prudently choosing the right insurance company and the right coverage for you. Below are tips designed to save you money if you are in the market for auto insurance.
Raise your deductible: If you have a $100 deductible; consider a $500 one.
Internet comparisons: You would be surprised how easy it is to obtain quotes on the internet without having a sales agent contact you. Recently, I helped my son Sean who recently graduated from college buy his first policy. Just by doing comparison shopping on the internet, we saved him over $1,000.00 per year.
Good student discounts: If you have student drivers, you can obtain good student discounts with most companies if they have at least a B average.
Drivers away at college: If you have college students who are reside more than 100 miles away, most insurers will reduce your premiums since that child is not a frequent driver of the family cars.
Anti-theft devices: Alarm systems and other anti-theft devices will reduce your costs.
Auto and Home Insurance: Most insurers will give substantial discounts if you carry both your home and auto insurance with the same carrier.
Towing services: Remove this coverage if you already belong to an auto club.
Low Mileage driver: Insurance rates are based in part upon how much you drive. If you have recently retired, or car pool to work or there are other reasons why your annual mileage has dropped since you first obtained the insurance, let your agent know so your premiums can be reduced accordingly.
Consider dropping collision and comprehensive coverage on older cars: If your car is only worth a few thousand dollars, it may not make sense to carry collision coverage. If the car is totaled the most you will receive is the fair market value of the vehicle, less your deductible (Never lower or drop your liability insurance, which you must carry by law).
The Right Car: If you’re in the market for a new car, talk to your insurer about the type of car you are considering. Some have higher repair costs, theft rates, etc which can dramatically affect the costs.
Good credit: More and more companies look at solid credit history. The better your credit, the more insurable you are and the more you will save. Thus, it makes sense to check your credit rating from time to time to correct any errors that may be on your record.
We have helped many clients in Alameda and surrounding cities such as Oakland, Berkeley, San Leandro, Hayward and throughout the East Bay with legal issues involving accidents and insurance coverage.
If you have questions regarding your coverage, contact us online or call us at (510) 337-1600 to arrange a FREE personal consultation with Tom Lewellyn.