Keeping Auto Insurance Costs Down
Now that you’ve finally bought that new car, you’re concerned about auto insurance costs and what you’ll be able to afford.
Your first step should be getting a group of quotes from a variety of insurance companies. You can begin this process online by using any insurance quote provider. There are quite a few to choose from which are not associated with a particular insurance company.
Once you’ve gathered some quotes together, you should consider actually calling the company to talk with someone about potential discounts. The online process provides you with a flat rate for auto insurance costs, but insurance companies offer a number of discounts which are not factored in with the online quotes.
Some of the elements you could receive a discount for include: the car’s safety and security features, day-time running lights, and you taking a defensive driving course. These are just a few of the discounts available from most insurance companies which can help you keep the auto insurances costs down. However, you must remember that you will have to ask for these discounts.
If you have bought a used car, you will have the option of which type(s) of insurance you will actually carry. There are three basic types: liability, comprehensive, and collision.
Liability insurance takes care of the other person’s costs. This form of insurance is most frequently used with older cars. If you carry this form of insurance, any repairs to your car will come out of your pocket.
Comprehensive coverage takes care of damage to your car. If a tree limb falls on your car, the insurance company would cover the costs of repair, minus your deductible.
Collision insurance takes care of damages incurred from hitting someone or something else. How much is covered depends on your policy.
If you bought a used car, you can help keep you auto insurance costs down by carrying just one type of insurance. If you’ve bought a new car, you usually have to carry all three types. This is often dictated by the finance company.
Another means of lowering the auto insurance costs is to have a higher deductible. The deductible is what you pay out of your pocket before the insurance starts paying for things. It’s most common for people to have a $250 or $500 deductible. However, insurance companies do offer higher deductibles. It just depends on what you think you could afford. If you can afford a higher deductible, your auto insurance costs will definitely be reduced.
Maintaining a safe, ticket-free driving record also helps. Nearly all insurance companies provide some form of safe driver discount. This discount can be relatively substantial- so no speeding.
Whatever type of insurance you decide to carry there are ways of keeping the auto insurance costs down. You will just have to be diligent about asking questions about discounts.
Gordon Smith can help you get instant car insurance quotes that will allow you to compare car insurance rates.
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