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Question 5 of 17 in How Rates Are Determined |
I already have car insurance. Are there any ways to cut my costs? |
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1. Consider your insurance as a backstop against major losses, not a way to pay for minor fender benders. Select larger deductibles, making sure you have adequate savings to pay the deductible amount if you have an accident.
2. Eliminate coverages you no longer need, such as comprehensive and collision for old cars that do not have much value and are not being financed. But be careful. There have been instances where some people dropped the non-required coverages for cars that no longer are being financed when they still had significant value. They then sustained heavy losses when an uninsured driver demolished their car.
3. Take advantage of discounts that might be offered by your company for driving education, safety devices, multiple vehicles, security devices, annual/low mileage, retiree, anti-lock brakes, accident free record, non-smoker, preferred driver, and many more. |
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