Lowering the Cost of Automobile Insurance

Many factors are used to calculate the premium or cost of an automobile insurance policy. These range from driving history to your age and discounts that are available. If you want to lower the premium for your automobile insurance, there are many options that are available.

The biggest factor that affects the premium for an automobile policy is driving history. Any accident or ticket within the last three to five years will be included on your driving history. One way to maintain a low-cost for your policy is to eliminate traffic tickets.

The best and easiest way to lower the cost of your insurance policy is to increase the deductible. This is the amount that the policy holder needs to pay when a claim is made. The deductible is reduced when a claim is paid. The standard deductible for a policy is $500. Increasing this amount to $1,000 or a higher will have an effect on the final cost.

Another way to lower the cost of your policy is to apply all available discounts. The discounts you have available will depend on various factors. One discount that is typically applied to a policy is your credit score. A lower score will mean a bigger discount. A second discount can be applied if your vehicle uses an anti-theft device. Contact your insurance company or insurance agent and see if you are receiving all the discounts that are available for your policy. You may have a discount that has not been applied.

The amount that you pay for your policy can also be decreased by lowering the coverage amounts. The amount of coverage you need is based on the type of vehicle being insured.. A newer vehicle requires a full coverage amount on your policy. If you have an older vehicle, consider lowering your collision and comprehensive coverage.

 

Add Comment

Banking Budgeting Credit Cards Insurance Investing
Monthly Expenses You Can Get Rid of and Live Without
When Your Mindless Spending Gets Completely Out of Control
frugal wallet must haves
10 Things Every Frugal Person Needs in Their Wallet
The Necessities and Niceties of Baby Gear
What Your Kids Really Need to See From You: An Actual Guide That is Not Bogus
20 Financial Mistakes New Parents Always Make
The Hidden Fees You Might Experience Financially Planning for A Baby
Entertainment Fashion Technology Travel
use points and miles for your cruise
The Best Ways To Use Points and Miles On Your Cruise
Seven Things You Should Never Say To Your Boss
10 Quality Kirkland Products that Save You Money at Costco
Little Girl Calls 911 After Mistakenly Touching Her Elf on the Shelf
rewards from airlines
Airlines Shift From Miles to Price-Based Rewards
Man Builds a House Outside Store To Camp Out For Black Friday
No Preview
Transgender Teen Uses the Girls’ Locker Room and Now Her Community is Up in Arms
Cats Dogs
Stray Dogs And Cold Weather: Lend a Helping Hand
how much should we spend on our pets?
How Much Should You Spend On Your Pet?
Boxer
The 20 Most Loyal Dog Breeds