Five Tips for Lowering Your Auto Insurance Premium

Posted on Dec 16th 2009, 07:15 pm, under Improve Your Auto Insurance Rate

When you're shopping around for auto insurance, the premium cost is probably one of your key considerations. You may feel that the first price you see is a take-it-or-leave-it offer, but you'd be wrong. In fact, there are many things you can do to lower your auto insurance premium. Read on and find out:

1. Pay in cash up front.

If you've got the funds for it, you might find it better to pay for a full year of insurance up front instead of opting for a monthly payment scheme. You'll save more money in the long run, and on top of this, many insurance firms offer discounts for up-front payment. Even if you decide to switch insurance providers later on, you don't need to worry, because all insurers are required to pro-rate your bill and refund you for the time you aren't covered by their policy.

2. Drive carefully.

How well you drive is still one of the most important factors that insurance providers consider. Most companies look back at least three years, while some go back five or more. They'll check your records of major traffic violations and whether you've been in an accident. Any significant blemishes on your record could seriously raise your premium.

3. Drive less.

The less time you spend on the road, the lesser your chances of getting into an accident, and that's just how insurance providers want it. If you've moved closer to your place of work, or if you cut down on your mileage through other ways, ask your insurance company if you can get a discount. Some firms have programs that let you pay by the mile; if you don't drive a lot, you may want to look into this, since it could potentially save you a lot of money.

4. Buy multiple policies from one insurer.

If you've got several assets that need insurance, then it's best to buy coverage from a single company. Almost every insurance company offers big discounts to customers who buy multiple policies, whether it's auto, home, or life insurance. When comparing insurance quotes, you may find that some companies with high single-policy premiums are better deals over-all when it comes to multiple coverage.

5. Increase your deductible.

You might be able to reduce your total premium by up to 25 percent if you take out a bigger deductible. If you don't have comprehensive or collision coverage, or if you own an older, lower-value car, then taking out a large deductible might be the smart thing to do. Read more on how to pick the right deductible level for your budget here.

Next week, we'll have even more tips for you on how to lower your premium, so be sure to come back to check them out.

How To Save On Auto Insurance For Married Couples

Posted on Dec 16th 2009, 07:14 pm, under Find The Best Auto Insurance Quotes

Buying auto insurance for yourself is one thing, but buying it as a married couple is another thing entirely. You may not be aware of it yet, but there are several ways that you can save on auto coverage costs for you and your partner:

1. Ask for a discount up front. Because you're living together, it's assumed that you'll each do less driving than a single driver, thereby lowering your risk and your  insurance premiums as well. In addition to this, insurance companies have found that married couples, especially those over 25, drive more responsibly than single people. Lastly, all insurance providers want to start long-term relationships with their married customers, in the hopes of eventually covering the entire family. In fact, even before you get married, you may already be eligible for a domestic partner discount, so ask your insurance agent for more information. 

2. If you don't already have two vehicles, buy another one, if possible. In addition to the cheaper rate that married couples qualify for, you may also get a multi-vehicle You can also receive a multi-vehicle discount.

3. Take a look at each other's driving records. In particular, check if either one of you has received DUI violations or traffic tickets, since these may disqualify you from receiving any married couple discounts. The following will raise your rates as a couple: a poor record as a single individual, ownership of an expensive sports car, involvement in multiple accidents, and DUI records. In these cases, it is probably better to get separate auto insurance policies instead of joint coverage.

4. Check the statistics for car theft where you live. Is your home in a safe area? If not, you can expect your auto insurance rates and premium to be higher than usual. 

5. Since you've now combined your income with your partner, you should increase your coverage limits. This provides protection for your increased assets and income. Lastly, you should both name each other as the beneficiary on your death insurance.

Get auto insurance quotes online so you can do some comparison shopping for married couple discounts. Get as wide a selection as possible so you can find the best value for your money.  

Wrecked Your Car? How To Get Fair Compensation

Posted on Dec 9th 2009, 03:52 pm, under Are You Covered?

Let's say you were involved in a serious accident that left your car a complete wreck. After taking care of your health concerns, the next thing you want is fair compensation for your car. The car is formally called a "total loss" if the damage is irreparable, or if it's worth less than the cost of repairs. 

Before accepting total loss compensation from your insurance company, both you and your insurance provider must agree upon what your old car is worth. Sometimes, however, their assessment won't meet your expectations, and you'll have to bargain with them. Here's how you negotiate a total loss claim:

1. Keep in mind that it is your right to negotiate for and receive fair compensation. You want an amount that's enough to buy a car of similar year and model and roughly the same condition as your old car before it got wrecked.

2. Never accept your insurance company's offer for compensation without doing your own research first. Ask them to give you a copy of their own report and calculation, with a breakdown of how they came up with that amount, if possible. Don't start any negotiations with your insurance provider if you don't have any information yet. If you don't know exactly what your insurance plan covers, make it a point to find out.

3. Search online and get the sale value for a car model that's exactly the same as your old car. Make sure it's identical in all relevant aspects, including the year, model, make, and features. Most likely, you'll get varying prices, so get the average of everything you find.

4. Next, get the trade-in value for your car in its current state. You can easily find this out by checking it at Kelley Blue Book. However, though this is an important piece of information for strengthening your claim, you must keep in mind that insurance companies are not required by law to offer you the stated Blue Book value for your car.

5. If your car had any special features or add-ons (for example, new tires, low mileage, or heated seats), get the fair market value for a wrecked car of the same model and year, but without the extra features. Make a price comparison between these two. Tell your insurance provider of these features as well.

6. Use all of the information above when asking your insurance company for a higher compensation amount. If they won't budge, consider getting professional help. You may ask an independent arbitrator or attorney for assistance, but be aware that both these measures will cost you more money, so weigh the benefits against these first.