Everybody knows that car insurance is expensive. I have noticed rates going up as much as 20% per year for some policies. This is precisely why it is a good idea for you to understand what goes into an average car insurance policy. It is worth your time to compare coverages and make sure you are getting the most for your money (and not spending more than you have to).
You know that you need to get quotes from several different insurance companies in order to find the best deals possible. This strategy is always going to be necessary. Start by checking with your current provider whether there are any discounts of which you are not taking advantage. Do they take an excellent credit score into account when computing your policy rates, for example?
Second, take time to reconsider your coverage choices. Liability and collision coverages are required by law, but what other coverages are truly required by your state? There are probably some areas where you can reduce or eliminate coverage altogether. If you haven't used rental car coverage in five years, for example, are you ever going to?
Third, reevaluate your deductible amounts. Most people set their deductibles very low- even zero. How small a deductible should you really choose? If you drive an older car, then certainly consider setting your deductible limits as high as possible. If the car is badly damaged in an accident, then you will probably replace it anyway.
Fourth, closely examine the medical and liability coverages you have. Are you double-covered between your health insurance, umbrella policies, and auto insurance? Take time to figure out where you might have TOO MUCH coverage and eliminate the overlap in your policies.
The best time to contact your insurance company and ask for reduced rates (or to get quotes from new companies) is once you are older than twenty five years of age AND you haven't received any moving violations in over three years. If you meet the criteria, you owe it to yourself to shop around. A few phone calls might save you lots of money.
The majority of insurance providers raise their rates every year. Because of this, they might offer new clients better rates than existing ones. Assess your coverages, adjust your deductibles, and look around for the best offers. Be aware of what insurance you are paying for so that you don't fall victim to overly expensive average car insurance rates.
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