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There’s quite a few ways you can lower your car insurance costs or prevent them from rising in the first place. Knowing which days are the worst driving days, the consequences of driving too fast, how to avoid distraction and drive safely, and why you should say “no” to road rage will go a long way towards defraying potential car insurance cost increases.
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The first step to buying car insurance is to find out as much as you can about your driving record. How far back to look will vary by insurance companies so you should go back as far as ten years to be on the safe side. Insurance companies will look at your record to find out how many tickets and accidents you had in the past. If you have a bad driving record from five years ago but have improved over the last three years, you will want to look for an insurance company that adjusts their rates based on the last three years. Insurance companies also obtain a report from a credit reporting agency to determine your rates so you might want to consider getting a copy of your credit report when looking around for a car insurance policy.
If you are borrowing money to buy a car, most lenders will require that you carry both comprehensive and collision insurance on the car. Insurance companies look at a car’s safety features and the cost of repair in the event of an accident when they are deciding on the cost for insurance premiums. The car with the best safety features and which would cost less to fix would typically have the lowest car insurance premiums. Exotic cars would require expensive repairs if damage so would be the most expensive to insure. On the other hand, a sedan would be very inexpensive to insure because it has many safety features and does not cost a lot to repair.
Single males under the age of 25 generally have to pay a high price for a car insurance policy because they are considered to be more aggressive than married males under the age of 25. The cost for an insurance policy for a single adult is also more expensive than the cost of a policy for a married couple. Many insurance companies offer discounts for insuring multiple cars. If you get married, you should investigate the cost of switching to a multiple car policy to save money on your car insurance premiums.
You should always keep a copy of your license, registration, and car insurance policy in your home. If you add new equipment to your car such as new tires or new stereo equipment, you should keep all the receipts in a safe place. In the event your car is stolen, you should first contact the police and then contact your insurance company. With the information you provide to the car insurance company with your registration, license, and insurance policy, they insurance company should be able to get you into a rental car quickly while the police are investigating. You might also want to be proactive and install some sort of security system in your car if it is an older model. Newer models usually come with a security system installed. A security system on your car can lower your car insurance premiums.
You will need personal injury protection in your car insurance policy. This is coverage that pays for the medical or funeral expenses of you or your family if you are hurt in a car accident. However, if you have health and life insurance policies that offer good coverage in the event of an accident or death, and are in reasonably good health, you probably do not need to add personal injury protection coverage to your car insurance policy. You could reduce the premiums on your car insurance if you reduce the amount of personal injury protection that you carry on your car insurance policy.
One necessary coverage is uninsured and underinsured motorists protection. Uninsured motorists insurance, which is required in many states, covers bodily injury when an accident happens with an uninsured driver or the driver of a stolen car as well as hit and run accidents. Underinsured motorists coverage will pay for any medical costs up to the limit of the policy that is not covered by the underinsured motorist’s insurance. It is advisable to purchase a high limit of uninsured and underinsured motorists coverage to protect yourself.
Teenagers need insurance and it is very expensive to add them to your policy. Girls are generally less expensive than boys. Some car insurance companies offer discounts for good grades, driver’s education classes, and driving logs. It is a good idea to insure a teenager as an occasional driver as this will lower the premium. It would be wise to purchase high liability coverage and lower comprehensive coverage because teenagers do have a high accident rate.
Most car insurance companies offer the option of paying monthly, quarterly, semi annually, or annually. Generally, the more you pay at one time, the lower your premiums will be. If you pay the premium for the entire year, the car insurance company may offer you a discount because it reduces the insurance company’s costs in processing your payments each month.
Motorcycle insurance can be purchased through your car insurance company or it can be purchased through a company that specializes in motorcycle insurance. Your car insurance policy may offer a miscellaneous category on your policy that would cover motorcycles, mopeds, and mobile homes. It is more economical to add a motorcycle to your existing policy and to reduce your coverage during the winter since you won’t be riding your motorcycle during the winter.
Personal insurance policies cover you, your family, your friends, and associates that you allow to drive your car. This is based on the assumption that the driver occasionally drove your car. If you have a child visiting you that you would like to be able to drive your car regularly, you should talk to your insurance company to determine if you should add the child to your existing car insurance policy. Be sure to ask the car insurance company how many consecutive days a child can drive a car before needing to be added to your car insurance policy.
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