Thursday, July 31, 2014, AM | 1 Comment
Buying insurance can be complicated and expensive. Here are some tips and tricks to help you find the right insurance at the right price, no matter where you are in your life.
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Young drivers who aren’t on their parents’ policy any more, but don’t need a comprehensive policy of their own, have a few options.
High school and college students should consult with their insurance provider about their coverage options. High-school-age drivers may benefit from piggybacking onto their family’s policy, while college students may be ready to invest in their own.
Many providers issue discounts to in-state attendees, students with high grade-point averages, and students who pay to install anti-theft devices in their cars.
Young professionals and single parents are often subject to higher insurance costs than families and older, single drivers.
However there are a few tricks to make your coverage cheaper. Shop around and ask insurance providers about
Good Driver Discounts. A spotless driving record is an important asset for young, single drivers.
Remember that insurers look at the last ten years to determine whether or not you are a safe driver. Drive with a little extra caution to avoid costly penalties on your record.
Used vs. New. Your insurance costs will be higher if you drive a brand new car. Stick it out with your well-loved college car to keep the price of your policy down.
Take your Commute into Account. If you drive for your job or have a long commute, it can increase the cost of your auto insurance. Use public transit when you can to offset the costs.
Edmonton car accident lawyers, Cummings Andrews Mackay LLP, caution against attempting to offset insurance costs by registering your car or auto insurance in someone else’s name.
If you are in an accident, you risk having your insurance nullified if the name on the policy is not your own.
Couples just starting out should talk to their insurance providers about merging their policies.
Many insurers offer discounts to married couples piggybacking onto an established coverage. Talk to each of your providers to see which one will give you better coverage at a reasonable price.
As your family grows, you will need to add to your liability coverage, but you will also be eligible for more discounts. Ask your provider how much these insurance-savvy moves can save you:
- Install Safety Features. Safety and anti-theft features can decrease your deductible. Consider anti-lock brakes, automatic seatbelts, and an alarm system.
Maintain Good Credit. Surveys have shown that individuals with stable credit are less likely to be in accidents or have a history of traffic violations. Many insurers factor in your credit score when determining your costs.
Increase your Deductible. This will mean paying more out of pocket in the event of an accident, but increasing your deductible can reduce your insurance costs by 15 to 40%.
When you add your kids to your insurance as drivers, your rates will rise. However, you can save money by insuring multiple cars with the same carrier, having your teen driver take a defensive driving course, or insuring your car and home through the same carrier.
Older drivers can end up in the same situation as young, inexperienced drivers. Because senior-aged drivers are at risk of physical and mental deterioration, their insurance costs may rise.
However, this largely depends on your chosen carrier.
Many insurers provide senior discounts much like your local movie theater and favorite restaurant.
Older drivers are experienced and, if you have a history of safe driving, this can work in your favor.
If you own an older vehicle, you may want to drop certain aspects of your coverage (such as collision and comprehensive coverage).
If your vehicle is worth less than ten times the amount you are paying for collision and comprehensive coverage, it’s probably not worth hanging on to.
Talk to your insurance provider about any company- or age-specific discounts that can be applied to your policy. By shopping smart and consistently working to improve your driving record, you can find the policy that’s right for your needs (and budget).Facebook.com/doable.finance