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Monthly Archives: March 2018

Budget Car Insurance

Do you own a home? Do you have several vehicles? Do you own a business? Do you rent an apartment? Your strength in assets is a factor when selecting your liability limits. If you accidentally injure or kill someone in an automobile accident and you carry low liability limits on your car policy then your assets are next in line to be used to pay for the damages.

The Age of the Vehicles – Newer vehicles usually require physical damage coverage by the lender. Older vehicles with a lot of miles sometimes do not warrant physical damage. Physical damage rates can be adjusted up or down based on the deductible you choose.

The Age of The Drivers – Adult rates, senior adult rates, and rates for young drivers make a huge difference in the overall rate. Young drivers on vehicles with physical damage coverage can be very costly.

What are the Discounts? – There are a number of discounts on car policies. The multi-policy discount is given by insurance companies for purchasing both auto and home insurance. Retirement discounts are available to the senior adult. Young drivers receive discounts for drivers training education. Some companies give good student discounts for young student drivers that maintain a 3.0 grade point average.

Full Tort or Limited Tort – Many states have a discount for selecting a limited tort option. Tort is your right to sue for pain and suffering damages over and above the basic liability settlement. This varies from state to state.

Discount Car Insurance Broker

Times past finding a discount insurance broker was important and offered you access to many different outlets for your needs. Today that’s no longer the case as finding a discount insurance broker doesn’t really provide you with any benefits or advantages as it once did.

A simple matter of typing in what you’re looking for into the search box on the internet will give you access to anything you need with numerous options and plenty of details.

At one time companies didn’t have access to the buying public like they enjoy today. So, they used to contract agents and brokers who had been around a long time with a large base of customers. That system was used for years. The public wasn’t necessarily best served that way as only those who did business with that agent or was fortunate to find him were able to take advantage of the best rates.

That’s all changed now as any of us can access all the different companies simply by going shopping on the internet. The best rates of the companies are presented to you and you simply pick the best buy for you. Really extremely simple compared too not many years ago.

Once you selected the company you fill out the application online, make a down payment with your credit card, check or paypal and you’re finished. Pretty niffty I’d say. By the way that’s good for we consumers as it’s made the carriers much more competitive as well. So forget finding a discount car insurance broker because you have one right there in front of you on your keyboard.

Getting the Best Deal

Insurance agents really have a lot of leeway. They can price match and they can offer many discounts. There are also many decisions you can make about your policy that will save you a bundle. For example, if you change your deductible on your collision from a $50 deductible to a $1000 deductible, you’re inline for a huge premium savings. If you don’t think you could come up with $1000 out of pocket, then change it to a $500 deductible; you’ll still save a sizable amount on your annual premium payment.

You can also get more of a savings if you change your comprehensive deductible. Many people needlessly carry full coverage on their older vehicle. They originally purchased the vehicle new, paid for full coverage and to this day, continue to pay the same high rate. Their ten year old vehicle may be worth $1000 or less, yet they continue to pay $250-$450 every six months (total $500 to $900 dollars a year) to keep full coverage on their old vehicle.

However, if they have an accident and totaled their vehicle, the insurance company will only pay them the wholesale value of the vehicle. The amount they would receive could be $1000 or less. A vehicle that old just needs the insurance that protects the other person in case of an accident.

Another method to save more on your insurance is by combining your vehicles and other insurance together to get you additional savings. All insurance companies offer a multi-car discount (if yours doesn’t, it’s time to switch companies). Further, many will discount more if you have your homeowners or renters policy with them.

There are a few other discounts that you may not be taking advantage of. It seems obvious, but make sure you are getting the correct rate for your age. There are discounts for various ages than can save you lots of money. Check with your agent on this one. Also alarm systems on your vehicle are usually good for a discount. Additionally, anti-lock brakes and air bags can also help lower your premiums.

Save Big Bucks

Examine Your Policy Is your policy correct? Are you listed at the right address? Even a one digit variation in your zip code can shoot your rates through the roof. Make certain that everything about you is listed correctly on your policy. Notify your insurance agent if there are mistakes.

Go Shopping For car insurance, that is. Not all companies charge the same and new companies to the market may sweeten the deal for you in order to entice you to make a switch.

Change Your Deductible A $250 deductible is fine until you discover that the cost for having a deductible at this level can send your rates skyward. Instead, think about a deductible as high as $1000 to save on premiums. Pay for minor accidents out of your pocket – you will come out ahead of the game.

Get Rid of Collision Coverage If your car is worth less than $3000, think about dropping collision coverage. Yes, you will receive no compensation from your insurer if your car is wrecked, but the savings you gain by discontinuing collision coverage can be set aside by you as a down payment for your next car.

Pull Policies Together Do you own a home? Do you have life insurance? If so, consider purchasing all of your insurance policies through one broker as you may be eligible to receive a discount from them for grouping together your policies.

Get the Discounts If your car came equipped with certain safety and security features, make sure that your insurer knows about them. Some older model cars do not include air bags as standard equipment, however if your car has airbags and you aren’t receiving an insurance credit for them, notify your insurer to have your premium reduced accordingly.

You can also reduce your insurance premiums by taking a Driver’s Education course, by making certain that all previous points that you accumulated on your license were expunged from your record, and by electing to purchase a less “risky” car – insurance risk, that is.