The cost of insurance can really add up but the cost of not having it can be even more expensive. This is a guide about saving money on auto insurance.
Solutions: Saving Money on Auto Insurance
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I recently retired and not liking driving that much, I decided to apply for the lowest rate of insurance I could find. By qualifying for the low mileage discount (which is the largest one of all), I saved over 50% of my truck's insurance. You can budget your car's mileage, by simply keeping track of it. I keep a log.
On the first of the month, I record my mileage. I know I have to keep it under 235 miles a month to maintain my discount, so I watch it and don't let it get out of range. That means some walking, some bicycle riding, or just saying no to more driving near the end of the month. Pays off in lower premiums and health benefits.
When my teenage son took Driver's Ed in high school, we went to our car insurance agent to get my son added to the insurance policy. There I learned that we did not have to pay a dime until my son gets a driver's license. We have insurance coverage as long as my son has a valid driving permit.
Bingo! The driving permit through the high school is good for 2 years. This means a savings of 4 terms of 6 months at about $280.00 each, totaling over $1,000.00 in a couple of years. What's more important, this gives us the opportunity to have our son practice a lot more and get plenty of experience behind the wheel with parental supervision before he's on his own and/or with his friends.
Get 3 or 4 quotes from different insurance companies. Write down as much information as possible about each insurer. If the agent or representative is not willing to answer your questions, it's probably not a good company to give your business. Don't buy from the first insurance company you call!
Make sure you are getting all of the discounts you are entitled to, on your auto insurance. Most companies give discounts for anti-lock brakes, daytime running lights, airbags, etc. Some discounts you may not be aware of: annual mileage of less than a certain number (often 8,000 per year), even teenage drivers who maintain honor roll grades!
Of course, if you install an alarm system on your car, that will get you a discount. Call and ask -- some insurance companies seem to have an unspoken policy of not mentioning these discounts unless you specifically ask about them.
We have found that having a teenage driver was a big drain on our insurance premiums. One thing that has helped a lot, though, is that we have her restricted to driving the oldest car. That has saved us some money on insurance and I highly recommend it!
Vehicle insurance is so expensive, especially if you have teenagers! One of the things many people seem to forget is that most companies will give you a discount on your policy if your child gets good grades. This even goes for children in college that are still on your insurance. It's worth checking into!
We homeschool, but I keep track of my children's grades and the insurance company will even honor the grades my children get, even though they are homeschooled!
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Questions
Here are questions related to Saving Money on Auto Insurance.
It's tricky to find real auto insurance price comparisons on the internet because many of the web sites are what they call "lead generation" sites in the insurance business. They tend to collect your information, and then have agents call or email you. Some of them within an hour of inputting your info, but they keep coming for a few days or a week. You can get live price quotes from some of the bigger companies like Geico, esurance, etc.
This site, if you enter your zip code, gives a list of sites that have online quotes. You still have to go to each one individually, but just note the price quote on a piece of paper ( or in windows notepad ), and then make a choice. http://billeater.com/compare/insurance
I'm buying my wife a new car for her birthday next week. I thought this might be a good time to review our coverages and shop for competitive rates again. I've already checked with my home insurance company, and I see no benefit combining my home and auto insurance with them. Any suggestions?
Thank you, Deeli, I appreciate your info. However the face and attitude of that lawyer will be stamped on my brain for the rest of my life. He was just plain cruel and when he saw the jury was leaning toward me, he asked to go into the judges chambers and I could hear some of what was said. Yes, I am sure they take care of their clients, so if one is a client, that is good. But the extent they went to with this guy was just plain demeaning, like I did not deserve anything and I was totally an innocent driver, just had left three kids at our church camp. (Thank goodness.) Thank you, though.
By jilljay11/17/2009
Saving Money on Health Care and Insurance