People are worried about their jobs, their savings and how they are going to pay their bills - spend a lot of time reviewing their day to day expenses. But taking a minute to step back and look at the big picture could help you cut costs on one of your larger monthly bills.
According to SVP - Public Affairs and Consumer Spokesperson Jeanne Salvatore of the Insurance Information Institute, "With the shaky economy, consumers are looking for every way possible to save money. They may be surprised to learn that there are ways to save money on your auto insurance."
Coverage options and their nature
Motorists are required to carry liability protection which will pay for damages you cause to another person or their property. Whatever coverages are optional such as: 1.collision which will repair and replace your car if you're in an accident and 2. comprehensive coverage which will reimburse you - with your car stolen, for example. Both collision and comprehensive coverage are sold with a deductible which is the amount of money you pay following an accident before your insurance kicks in.
Money-saving suggestions for an older car
If you're carrying collision and comprehensive insurance on an older car, consider dropping it. It's not cost effective to carry too much coverage on an older car. And, depending on the naked model, you could save anywhere from 10-40% on your annual premium.
If you decide to keep those coverages, then consider raising the deductibles. By going from $250 to $1000, you could save between 15 and 20% on your premium. But that only makes sense if you have enough cash in the bank to cover that deductible.
Other money-saving methods in auto-insurance
Being a safe driver, maintaining good credit and taking advantage of available discounts can also significantly lower your premiums.
And finally, you can save hundreds of dollars by shopping around. Compare price but also look into the financial health of the company and find out if it is customer friendly. Ask friends about their experiences with filing claims.
Executive Director Sally Greenberg of the National Consumers League suggests - "I would call two or three different companies and get written quotes from them... and make sure that you're comparing apples and apples because there's different levels of protection and deductibles."
Remember, auto-insurance is a very competitive business with many companies to choose from. Look for one that offers good value and good customer service.
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