Insurance premiums are a major expense for everyone. One of the largest portions of your insurance burden throughout the year is automobile coverage. While it is a necessary evil, there are ways to control the premiums to some extent. Here are three potential ways to save some money on your car insurance.
- Consider raising your deductible. Many of us have the lowest possible deductible because it is easier to to spare, but it can cost you as much as 30% more to have that low out of pocket expense.
- Do not over insure older cars. Have you paid off your used car already? If so, it may be time to lower the coverage on that vehicle to liability only. If the value of your car is low, you may also want to consider paying for lower coverage amounts. You can read all you need to know about used car loans here.
- Comparison shopping is probably your best tool. Start with your current company and ask them about any discounts that you may not be receiving, then compare their rates to at least three different competitors. Be sure that you are asking about comparable coverages before you switch, though.
- Many people think that they have to pay the rates they are currently locked into, but following these three simple tips could save you hundreds of dollars each year.
This guest post was provided courtesy of CarLoansOhio.com, a leader in online auto financing services.