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Tips for Lowering Your Car Insurance

Updated on April 27, 2011

Car insurance premiums can be very expensive, but with a few adjustments to your policy, you can save hundreds of dollars per year.  The following tips well help show you how to reduce car insurance, but do check with your insurance agent for other saving ideas that are available as a policy holder.

Often you can find lower rates with companies that only deal with insuring cars.  However, most insurance companies will reduce your rate if you also have a policy covering your home.  The combined savings is well worth looking into if your insurance company underwrites both types of policies. 

The longer you stay with your insurance company, the better rates you will get.  State Farm started reducing our rate after about three years with them.  While it may seem a little more expensive up front than what you are quoted by other companies, think long term and you will save thousands if you remain a valuable policy holder.

By increasing your deductible, you can dramatically reduce your premium.  Some underwriters will try to sell you a policy with a $100 deductible.  But if you increase the deductible to $1000, you can save over $100 per year in annual fees.  Just set aside the $1000 in the bank in case you’re involved in an accident, and the savings in fees would equate to a %10 return on your money.

If you don’t have any assets other than your car, carry the minimum state required coverage.  Often this is more than enough to cover your car and other motorists.

If you have a clunker or an older car not worth much, you can drop comprehensive coverage.  Comprehensive coverage results in loss from incidents other than a collision.  This could be fire, flood and damage to your car if it is stolen.  This is not usually required by a state, but if have an outstanding lien or lease the car, they holder will require it.

Keep your driving record clean of tickets and accidents.  Any flags on your record increase your insurance rate.  If you are cited with a moving violation, attend traffic school so it is not on your record.  The Department of Motor Vehicles will remove the violation from your driving history; however, you can only attend once every 18 months.  If you receive an addition ticket within this period, fight it in court since you have nothing to lose; otherwise, just pay the fine and attend the traffic school.

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