The Best Ways to save money on your auto insurance premiums (cont.)


How to Lower Your Monthly Auto Insurance Premium

Please review our tips on lowering your monthly auto insurance rate. Do you need optional coverage on those older vehicles? Does your insurer offer a discount if you purchase more than one type of insurance from them? Are you a safe driver?

Learn about common, and less common, methods of reducing your monthly auto insurance premium.

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Additional ways save money on your auto insurance include:

Reducing coverage on older cars. You should Consider dropping collision and/or comprehensive coverages on cars worth less than 10 times the amount you would pay for coverage. Claims occur on average only once every 11 or 12 years, and furthermore the claims payment (once your deductible is factored in) would probably barely exceed the additional premium it costs. Auto dealers and banks can tell you hoe much your car is worth, or you can look it up online at www.kbb.com. Review your coverage at renewal time to make sure your auto insurance needs haven't changed.

Multi-line discounts. Many auto insurance companies will give you a discount if you buy two or more types of insurance from them. You may also get a rate reduction if you have more than one vehicle insured with the same company. Some insurers reduce premiums for long-time customers as well. But be sure to shop around; you may still be able to save money buying from different auto insurance companies despite the multi-policy discount.

Be responsible with your credit. Your credit rating will likely impact what you pay for auto insurance. Credit scores have become a proven indicator in a insured's "riskiness" to an insurance company While the use of insurance scoring varies from state to state and company to company, it is a fact that drivers with long, stable credit records have fewer accidents than drivers who don't.

Safe driver discounts. Many auto insurance companies offer discounts to policyholders who have not had any accidents or moving violations for a number of years. You may also qualify for a cut if you have recently taken a defensive driving course.

Discounts for low mileage. Some auto insurance companies also offer discounts to motorists who drive a lower than average number of miles per year. Low mileage discounts can also apply to drivers who carpool to work.

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