You may have ignored the increase on your vehicle insurance premium the last time but do you see another increase this time. What are you going to do about it? Are you going to accept it because it is too much hassle to switch companies? This is what many people do when they really want to change their auto insurers but end up renewing again.
And some decide it is time to see what can be done about higher premiums. If you are considering having a good look at your policy in the hope that you get your car insurance cheap you might want to refresh your memory as to what can be done to achieve this. Here are 5 points to consider.
1. You Should Search for New Quotes: Many motorists make the mistake of being persuaded by their current insurers with loyalty discounts. They call their insurers to complain about the high premiums and get offered little discount if they renew the policy again. Even with this discount your current insurer may not be able to beat other quotes. If you are really bothered with your rates and want to do something about it, the first thing you should do is to get a few auto insurance quotes. Then, you can sit down and compare them with each other and decide to get more quotes, change the coverage requirements or accept one of them.
2. Adjust Your Policy Coverage: This can work several ways. For example, if you have an old vehicle you may consider if it is time to drop collision and comprehensive coverage. You may have had a loan on it when you bought and now paid it off. This gives you a chance to drop Gap insurance. Your teenage son/daughter may have left for the college and you can now drop them off your policy and reduce your costs to half. So, have a good look at your policy and see if you need to make adjustments. You may even need to increase coverage in order to get the protection you need.
3. Family Status: Single motorists are charged more for automobile insurance compared to married ones. People don’t necessarily tell their insurance company that they are married now. This is something you should disclose as you need to disclose the people who may drive your car from time to time. Consider other changes in your situation as well. Moving out of student accommodation to your own apartment can reduce your premium because you are not living with your teenage room-mate anymore.
4. Increase Deductible. This is one of the ways you can get instant discounts. Companies are in the habit of setting deductibles too low. This allows them to charge more for policies. You can do the opposite and pay less. Just remember that deductibles is the first part of any losses or damages your vehicle may suffer. You cover this part out of pocket and the rest is paid by the insurer.
5. Get Security Discounts. Parking your car in a secure place rather than leaving it on the public roads can save you money. If you manage to find a house with parking or arranged a separate parking space you should let the insurer know. Actually, any increased security can help you save money.
There are a few more ways of saving money like bundling your home and auto insurance together, buying a safer car or driving less. Have a good look at this website and others to see what other great tips you can find.