Posts Tagged ‘Premiums’

Types Of Auto Insurance Discounts

Published by author on May 29th, 2009 - in Types Of Auto Insurance Discounts

Reader’s Question:

I think getting auto insurance discounts can help me in cutting the costs of my auto insurance here in Illinois. What types of discounts can I get and how else can I lessen my premiums?

David

Rockford, IL

There are a lot of things that you can do to lessen the costs of your auto insurance in Illinois and you are right, getting discounts is one of them. You can get an auto insurance discount if you install safety devices in your car such as steering lock, alarm system and anti-lock brakes. Likewise, you need to make sure that your car is safe and stored in a locked garage at night and parked in a safe place.

Another type of discount that you can get on your auto insurance is for being a good driver. If you keep a clean driving record and have no claims for a certain amount of time (usually for three years), you will be rewarded for this. You will also get a reward or what is called low mileage discount if you meet a certain number of mileage per year. Then, you have to enroll and complete a defensive driving course as you can also get a discount on your auto insurance for this. This will prove that you can be a safer driver, thus lowering the rates offered to you by auto insurance companies.

Aside from getting auto insurance discounts, you can also lessen your premiums by getting higher deductible on your auto insurance policy. Insurance deductible is the money you are willing to pay in case of an at-fault accident before the policy comes in and pays the rest up to your set limits. Also, auto insurance comparison is a proven way to lessen your premiums. If you collect and compare quotes from several auto insurance companies, you are guaranteed to get the best quote that is most suitable for you.

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Simple Car Insurance Money Saving Tips

Published by author on May 23rd, 2009 - in Auto Insurance Saving Tips

Reader’s Question:

I want to save on my car insurance. Can you give me some tips please.

Halley

Lincoln, NE

We all think of better ways to spend our money. Bottom line is we do this because we want satisfaction. Moreover, we want savings. That is why whether we are purchasing a piece of jewelry or a common commodity like auto insurance, we always find ways to save money.

You read it right. There are multiple ways to save money in auto insurance. Here is how you can do it:

1. Discounts- There are so many ways to get discounts in purchasing auto insurance. You can get automatically qualified for it if you meet their conditions. Most of the time, they are granted to people who have been religiously practicing safe driving thus, having no violations on their driving record. They are also given if you have additional driving courses or training, anything that makes you a safe driver. You can also have discounts if you have maintained good grades as school. Or as simple as installation of anti-theft devices in your car can help you earn the discounts.

2. Deductibles- You always has the option to shoulder a portion of your liabilities. The higher you assume, the lesser your premiums can be. However, you have to be smart in choosing the amount. There is always a catch in here. You might be in trouble if you don’t have the money by the time it will be needed. Therefore, you have to be certain that you can afford what you have assumed.

3. Shopping around- This alone can get you to save a lot of money. Getting into the wrong company can cost you a lot. You do not want to end up purchasing insurance and finding that the other company has a better deal right? Remember, car insurance cost is never alike. Companies have their own ways of computing them.

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Need Lower Car Insurance Rates

Published by author on May 23rd, 2009 - in Need auto insurance

Reader’s Question:

Can you give me some tips on how to lower my car insurance rates? I feel like I am overpaying for my insurances.

Gene

Indianapolis, IN

Car insurence may not be a basic human need but it is indispensable since most of us own cars. It is a basic requirement of the state for you to legally operate your vehicles. Despite being mandatory, some people still don’t purchase them. Times are hard and people barely afford to put food on the table. That is why it seems easy for them to eliminate this expense to allot their money on more important things.

However, car insurance isn’t pricey at all times. Just like purchasing other products, there is always a way to buy better deals at a lower price. Knowing these methods will help you pay for a more affordable insurance and get you out the risk of driving without them.

One method to use is by comparing the prices or quotes from various insurance companies. Check the prices versus the coverage. Seek opinions from other people you can trust. Then make a decision.

Second method is by choosing your car wisely. Always remember insurance companies also base their rates on the type of car you have. Safe cars have lower car insurance rates. For fancy cars, expect higher premiums.

Have you ever heard of bundled services for your internet, phone and cable? People have left their dial-up services to consolidate their services from one provider. The reason behind it: services are cheaper. This is the third method that you can use in order to get lower car insurance rates. Get all your insurances (life, homeowners, renters and car insurance) from one company.

Fourth method is to avoid getting in trouble with your creditors. Ensure that you will always be responsible in paying your debts and maintain low credit balance. Doing so will lower your car insurance rates.

Last but not the least; learn other means to discount your car insurance premium. Do not forget to ask your agents about it.

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Car Insurance Deductible Explained

Published by author on May 23rd, 2009 - in Need auto insurance

Reader’s Question:

Can you please explain to me what a car insurance deductible is?

Maria

Albuquerque, NM

Car insurance deductible is always part of auto insurance. They have considerably affected your rates. Choosing a deductible can lower your rates as much as 10-20 percent. While some mentioned around %40 for the highest deductible. Without them, car insurance companies would have to pay higher for claims. As an effect, you will shoulder the load by paying higher premiums.

You need to be careful in choosing the amount for your car insurance deductible. They can be $100, $250, $500 and $1000. Certain states have minimum requirements for it like New York state. Therefore you need what is mandated.

So here’s how it works. Assuming you chose $500 dollars as your deductible. If an accident happens, to which you’re at-fault, and the total claim amounts to $1900, you will pay a portion of this claim. In this case, you will shell out $500 and the insurance will settle for the remainder which is $ 1,400.

Another scenario for application of deductible is: after an accident, your car has been damaged. Repair cost amounts to $250. Since your deductible is $500, you will end up paying for the repair cost and the insurance company isn’t obligated to share the amount simply because the value falls within the portion you chose to pay out-of-pocket.

So you really have to be careful in selecting the amount. You have to ensure that you can afford it. However, that could change in certain conditions. Like in a state that follows a no-fault system, you might get a refund of your deductible if it has been established that the other party was at fault. It may be claimed from the other person’s car insurance or refunded personal by the at-fault party.

Choosing a deductible can lower you rates as much as 10-20 percent. While some mentioned around 40% for a higher deductible.

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I Need The Best Car Insurance Company

Published by author on May 20th, 2009 - in Need auto insurance

Reader’s Question:

Where can I find the best car insurance company?

Mark

Sacramento CA

If you have an internet connection at home, the internet is your best bet. Most car insurance companies nowadays have online service. As a matter of fact, you can save as much as 10% on your premiums since most major car insurance companies offer discounts if you do it online. One reason they are giving away discount is because it saves them work and it saves them office supplies and it’s just right to give the rewards on you. Shopping for car insurance via the internet is easy. It only takes minutes if compare it to visiting your local car insurance provider were you will be ask to wait and in some cases they will point you to go to different divisions in their company.

Another advantage of finding car insurance company online is you don’t have to ask those insurance agents for discount you can be eligible for because as you fill up an online form, you will come across various discounts that the best car insurance company is giving. For example, auto insurance companies will ask you to provide your annual mileage reading and if your annual mileage is inside a certain range, discount will be automatically applied and will be deducted before a quote is generated. Now isn’t that time saving?

But what if you don’t have sufficient time because your too busy or understanding car insurance terms is a hassle? Then a vehicle insurance broker is what you need. Auto insurance brokers are independent and not connected to a specific auto insurance carrier. They provide coverage in a way that they do the job for you. All you have to do is provide them your personal and vehicle information and in no time, they will show you a list of the best car insurance companies and their respective quotes. Auto insurance brokers are also advisable since they have a good understanding on what’s in and what’s out in the auto insurance industry. They can also be of help when it comes to filing claims.

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Factors That Affect Car Insurance Quote

Published by author on May 19th, 2009 - in Need auto insurance

Reader’s Question:

I am just wondering how a car insurance company determines how much premiums they are going to charge you?

James

Montgomery AL

The answer depends on the personal and vehicle information you will give to them together with your current driving status.

First off, your personal information which includes your age, gender, marital status and how long have you have been driving affect your car insurance rate. These are the first set of question you are required to answer if ever you need to ask for a quote. Drivers who are females or are married will usually acquire cheaper car insurance rates. Drivers who are first time drivers or are aged 16 to 20 will surely have an expensive quote. Most drivers who have been driving for a long time with minimal or no accident at all can be eligible for a good driver discount or if not, they will be rewarded with a lowered insurance rate.

Second set or group is all about your cars information you are trying to insure. Car information includes its year, make and model. Car insurance companies also ask what will be the primary use of your vehicle and sometimes they even ask if it’s already paid in full or if it’s still being paid through financing. They might also ask how many miles you have driven in a span of one year in order for them to know if they should give you cheaper rates or if they can provide you discounts.

Other factors that can affect your car insurance quote include security and safety features installed in your car. Some examples of these features are car alarms, airbags or anti-lock brakes. These features can greatly lower your premiums to a minimum. Another factor that has an effect on your premium is the place where you park your car overnight. Having it parked in a safe garage can reduce your premiums because there is a lesser chance of your auto being vandalized or there is a lesser chance of it being stolen.

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