Had enough of paying way too much for your car insurance coverage? That's not surprising. Studies show that almost 20% of drivers (if not more) are overpaying for their insurance . Why? Because they haven't been taking advantage of the myriad opportunities out there to slash their car insurance rates, and because of that they're bidding a huge portion of their budget goodbye every month. Here's a sneak peek at how to slash the cost of your insurance and put that money to work where it really matters:
1) Take a driver's improvement course. You may know this, you may not, but every time you're convicted of a traffic offense and it goes on your driver's license, you lose points. Each lost point represents extra dollars added on to the amount of money you owe your car insurance carrier each month. Voluntarily taking a driver's improvement course can dramatically lower the cost of your car insurance by adding points back on. It's as simple as that.
2) Shop around! The downside of sticking with a car insurance company is that you don't get the opportunity to take advantage of all of those new customer discounts floating around out there. You might be surprised to find out how much you can save on your coverage just by picking up the phone and shopping around.
3) Keep yourself out of trouble. Taking a driver's improvement course isn't going to do much good in terms of paving the road to cheap car insurance if you're still getting tickets, so it's important to be careful when you're out on the highway. Remember, doing 55 can be frustrating...but your checkbook will thank you when you're not the one paying court costs at the end of the day!
4) Raise your deductible. Higher deductibles equal lower insurance rates every time. Keep in mind that you're going to be expected to actually come up with the money for your deductible if you're ever actually in an accident, so don't overdo it, but even an extra $50 added on to your deductibles can make a huge difference in your premiums.
5) Pick up a fuel switch or a GPS locator system for your car. The number one thing you have to remember is that car insurance companies like working with drivers that are going to save them money. If you've got a fuel switch on your car it's less likely to be stolen in the first place, and a GPS locator can help you recover it if it is. Both of those things translate to great savings on your insurance.
6) Are you getting all the discounts you qualify for? Your age, credit score and job can all equal out to discounts on your insurance, so talk to your agent as soon as possible. Missed discounts are a missed opportunity!
Cheap insurance isn't as hard to come by as you might think. All it takes is a little homework and a lot of perseverance and you'll be kicking back with the coverage you need at a price you can afford.
Anthony M. Peck is the Senior Project Manager at QuoteScout.com. For more information on cheap car insurance, visit them on the web at http://www.QuoteScout.com.
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