Drop Collision on Older Vehicles – When you own an older car, you can save a lot of money on the insurance bill by cancelling the collision coverage on it. If the value of the car is less than $3000, it is probably not worth having collision coverage because the deductible is probably very close to the value of the car.
Bundle Your Insurance – Bundle your car insurance policy with other policies you have to save a lot of money. Buy your car insurance through a company you have your homeowner’s policy with. See if you qualify for a multi-line discount for having different types of policies. If you own more than one car, look for a multi-car discount to save money. When you have more than just one policy with an insurance company, you should receive some pretty good discounted rates.
Shop Around for Rates – If you want to save a lot of money on insurance, shop around. Never purchase from the first insurance company that offers you car insurance. If you are truly serious about saving, figure out what you need and check with several companies to shop prices. Choose one that offers you the best price combined with the best coverage for your car. Check for websites that specialize in insurance for your area. They will often offer better deals. For example, if you live in Florida, search for “Car Insurance Florida” online and check what those websites have to offer.
Carry Minimum Liability – Every state has their own minimum liability limits. If you do not have a lot of property, assets and valuables to protect in the event you are sued because of an accident, you can carry the lowest liability limit your state requires. In most states, the lowest allowable limit is $25,000/50,000, but some states have even lower requirements. When you carry the lowest limits, it can save you over $300 a year.
Price and Type of Vehicle – Always remember that the cost of your vehicle and the type of vehicle that you drive can make a difference in your insurance premium. The simple reason for this is that repair costs are higher on cars that cost more. Vehicles that are considered high performance vehicles, such as Camero’s and Mustang’s, will add a lot of cost to your premiums.
When you go shopping for car insurance, remember to keep these things in mind so that you can get the cheapest and best rate possible.