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Saving Money on Insurance Deductibles

Updated on March 21, 2007

Car insurance can be expensive, however it is something that is necessary, so it is best to do what you can to save money. Although it doesn't seem possible at first, there are many ways to save money on insurance deductibles.

The first and most important thing to do is to shop around. Every company has different rates - it is up to you to find them. It does take time, but it can save you hundreds of dollars. At one point we switched insurance companies every six months for two years - each time getting a significantly lower rate than before. By the end of that time we had reduced our insurance rates by over $300 for a six month term.

Second, carry as large a deductible as you can afford. Rates are going to be higher if you have a $100 deductible with your insurance. $1000 is the largest deductible that most insurance companies will let someone have, but by having a large deductible it means less out of pocket by the insurance company if something happens. The company will lower your rates if you choose this option. Just make sure you have the money in savings to cover the deductible if something were to happen.

Third, obey the law! This might seem hard to do, I know I am bad about speeding, but it will most certainly save you money. Every time you get a ticket, your insurance rates will go up. Too many tickets and your insurance company may drop you all together. It is very difficult to get insurance coverage if a company has dropped you and you will usually pay very high rates to get coverage again. Most companies give discounts for a good driving record, so if you drive carefully and avoid getting tickets, your rates will stay low.

Fourth, consider insurance rates when you purchase a new car. Flashy red sports cars are going to cost a lot more to insure than a blue four door sedan. The age of the vehicle can also be a determining factor, as well as the safety features of the vehicle. States and insurance companies could vary on what they consider lower rate vehicles and higher rate vehicles, so it is wise to check with your agent before purchasing something new. Finding out ahead of time if a particular vehicle will increase or lower your rates could influence your decision.

Fifth, insure multiple items if you can. Insuring two or more vehicles with the same company will usually earn you a discount. Insuring a home and vehicle with the same company will grant you a discount as well.

Sixth, pay your insurance premium every six months. Paying your insurance each month is the most expensive way to purchase insurance. Every three months will give you a small discount, but paying every six months will give you the greatest discount. Not only are you paying administrative fees every time you receive a bill from them (except for the six month plan), you will also generally pay a higher rate if you can't pay the entire premium up front.

So while insurance is necessary, you can save money when purchasing it. It may take a little time, but it can be well worth it in the long run. Drive safe!

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