In today’s economy, virtually everyone is looking for various ways to save money, and when it comes to car insurance that is certainly no exception.
Many of today’s drivers try to find the cheapest car insurance rates available, but with cheap rates comes less-than-adequate coverage and poor customer service.
Fortunately, you can take advantage of these five ways to save money on car insurance without having to sacrifice quality coverage.
Keep a Clean Record
The first obvious method is for you to maintain a clean driving record. If you have a history of being involved in traffic accidents, the insurance company will consider you a risk that could potentially cost them lots of money. The more traffic accidents and moving violations you have on your driving record, the higher the insurance premiums will be for you.
Maintain Good Credit
Car insurance companies look at various factors before giving you a quote on your insurance premium. One of those factors that you may not be aware of is your credit score. Having a good credit score will help you receive lower cost car insurance!
The reasoning behind your credit rating being a factor is that car insurers believe drivers who are responsible with their finances tend to carry over that responsibility to their driving habits.
If you have bad credit, then you may need to focus on raising your credit score by reducing your debt and paying your bills on time. This will not only ensure that you can receive affordable car insurance premiums, but it will also help you achieve great interest rates if and when you decide to apply for a credit card or a loan.
Compare Insurance Rates
When the time comes to renew your car insurance and you see that the annual premium has gone up, then you need to start shopping and obtaining quotes from other car insurance companies.
Most drivers fail to do some comparison shopping, but this one simple trick alone can save you hundreds to thousands of dollars a year!
It is imperative that you to go out and compare insurance rates every year to two so that you can find out if you are getting the best deal available.
It is also important to check how your car insurance rate may change when there is a change in your marital status, or after you received a traffic violation. These and other factors can affect how much you pay each month.
Ask for Higher Deductibles
When it comes time to determine your car insurance rates, you’ll be asked to choose a deductible, which is the amount of money you have to pay out of pocket before insurance starts covering the costs of any claim.
Deductibles can range from $200 to $1,000, or more, and it all depends on the type of policy you select. If you choose to pay a lower deductible, then the annual premium will be higher. Likewise, if you pay a higher deductible at the start, the lower the premium will be.
If you don’t think you’ll even need to use your insurance, then choose a higher deductible to make the annual insurance premium better by several percentage points, which will save you a great deal of money as long as you don’t need to make a claim!
Be sure to check with your car insurance company to see how your premium may be affected if you raise your deductible.
Bundle Your Coverage
Many car insurers will give you a discount on your car insurance if you package your vehicle coverage with your homeowner’s or renter’s insurance. Another way to get this discount is by having more than one car insured with the same company.
One reason that insurance companies offer premium discounts to customers who package their policies is that it discourages them from shopping around with the competition.
Be sure you’re not being tricked into thinking you’re getting a great discount by shopping around, and ensuring that your provider really is offering you the best deal.
Car Capital Financial
Car insurance rates may continue to rise, but if you follow these tips you will find out that saving money isn’t as hard as you originally thought.
Whether you end up incorporating some of these ideas, or all of them, you should have no trouble putting at least a little bit of money back into your pocket.
If you need some emergency cash assistance, then keep in mind that you can always give Car Capital Financial a call for a low-interest, secured personal loan.
Our car title loans are provided within minutes of receiving your initial call, getting you the cash you need today, and without even requiring you to face a credit check. Title loans are issued based on the borrower’s ability to repay the loan.
Call us now at 1-888-500-9887 to find out if one of our safe, reliable and affordable auto title loans would be a good fit for your financial needs.