Enrich your Financial Knowledge

It seems like every year car insurance rates just keep going up and up. If you are looking for a better auto insurance rate, it helps to do your research and shop around. Here are a few tips for getting the best insurance quote possible:

Ask for a Discount. Almost all auto insurance companies provide various discounts, but you have to ask for them. You may be entitled to a discount if you are in a certain low risk profession like teaching, or if you have a good driving record.

Keep Your Credit Score Up. Auto insurance companies look at your credit record to assess your risk, so if you can keep your credit score high you should be able to get lower car insurance rates.

Drive less. This may not be easy, but if you can drive your vehicle less than 5000 miles per year you should be able to find very cheap car insurance. Be sure to discuss your driving habits with your agents when you shop for a policy.

Bundle your insurance. If you already maintain homeowners or renters insurance, it will often be cheaper to keep your car insurance with the same carrier. Like other businesses, insurance companies provide volume discounts and reward customer loyalty.

Increase your deductible. If you are comfortable with the possibility of having more money come out of your pocket in the event of an accident, increasing your deductible can save you a significant amount of money on your car insurance premium. Instead of taking the standard $100 deductible, consider raising it to $500 or even $1000. The money you save in premiums over the years could well outweigh the extra money you would have to pay if involved with an accident.

Use anti-theft devices. Making sure you use a car alarm or steering wheel lock can help you get a lower car insurance premium. Make sure you talk to your carrier about what types of anti-theft devices will get you a discounted rate.

Shop around. The car insurance industry is one of the most competitive and there are literally dozens of companies vying for your business. Comparing quotes from at least three or four insurers can help you get the best rate possible. There are numerous online tools that make comparison shopping for car insurance quick and easy.

Now that you know some helpful tips to get a great auto insurance rate, it’s to go out there and save!