Insurance Continuing Education – Saving Money on Car Insurance

Compare Prices – this could be the best way to lower premiums. Some insurers charge up to 50% more than others do.  Insurers do not advertise prices, so it does require some work to find a plan that is low cost. No single company always has the best rates. Each prices differently in different places, for different types of insureds. If one finds a company         that is substantially cheaper, evaluate the cost savings. Long-term policy­holders sometimes get special treatment.  If one does switch, do not let the old policy run out until the new one is in force.

Find out if the state has an Auto-insur­ance Buyer’s Guide – Some con­sumer- minded insurance commission­ers publish price guides showing various Auto Insur­ance charges.  This is a true public service.  To see if the state has a buyer’s guide, call the insur­ance commissioner’s office in the state.

Do not buy Collision and Compre­hensive Coverage from the lender who finances the car, or any insurer he/s­he recom­mends - historically, this will be high cost insurance.

Buy a car that is inexpensive to repair – any qualified insurance agent can tell which cars are money-eaters and which are not.  By this measure, a Ford Escort might cost $400 less to insure than a Cadillac Eldorado.

Raise the deductible on Collision Insurance from $250 to $500 –You pay less for the policy if you are willing to incur the smaller bills.

Drop Collision Insurance on an older car – Some folks are paying more for coverage than the car is worth.  Remember that if an insured gets into an accident, the insurer will not pay any more than the car’s Fair Market Value. The value is generally cal­culated as if the car were in “mint” condi­tion, minus the cost of making repairs, minus a charge for unusually high mileage.

Earn a discount by insuring all cars with the same company and by buying Home­owner’s/tenant’s Insurance there too. One role of thumb: shop first forthe cheapest insurer.  Even with a discount, high priced policies are no bargain.

More Discounts – There may be additional discounts for young drivers who take driver education, teetotalers, non-smokers, graduates of defensive-driving courses, senior citizens, students with good grades, families whose teen­ager drivers go to school more than 100 miles away, cars parked in a garage or off the street, low mileage car drivers who car pool, cars with air-bags or seat belts that wrap around individuals auto­matically, cars with four-wheel, anti-lo­ck braking sys­tems and cars with anti-th­eft devices.

Describe exactly how the car is used – a car driven for pleasure costs less to insure than a car used for everyday commuting.

Pay the premium annually – it costs more to pay in monthly or quar­terly installments.

Share the car with the teenager in the family – When teens have there owns cars, or drive the family car more than half of the time, they are principal drivers and cost more to insure. They cost less when they are occasional drivers using the fam­ily car less than half the time. Be sure to   name the teenager as an occasional operator of the least expensive car.  If they do own their own car, it would be best to co­ver them under the family policy; other­wise, they will most likely go into the very costly State High-­Risk Pool.

Drive safely – Rates will go up if the re­cord shows conviction for drunken driving, chargeable accidents (meaning they are at least partly the insured’s fault), or several speeding tickets.

Reform – If an insured has had a bad driving record and lands in a High-Risk Pool and is tagged at a higher rate by the insur­ance company, he/she should work keeping their records squeaky clean.

Make all valid claims – Drivers often do not make small claims on their insurance companies for fear of driving up their insurance rates but the claim might not affect the rate.  Example: an insured is not normally held responsible for certain ty pse of Physi­cal Damage, a windshield broken by flying gravel, accidents caused by ani­mals, accidents not the insure­d’s fault, and claims below a certain limit, $300 or $600, even if insured is at fault.

Move – Low insurance rates give an in­sured yet one more reason to avoid big crowded cities.  It is possible to save $1,000 or more by living in a small city, a suburb or the country.

Be aware – A young single person away at college should know if a roo­mmate has had tickets or acci­dents.  By lending the car to this type of individu­al, insur­ance rates could be affected.

Get Married – married males under 30 pay the same premiums as older drivers.

Older people Discount – If an insured is 50 or older and takes a De­fensive-Driv­ing Course approved by the State Motor Vehicle Department, a discount of 5-15% could be realized upon completion.

Travelers – If an insured’s policy covers Collision, it would be best to reject the costly Collision-Damage Waiv­er when renting a car.

Little usage – If an individual does not own a car but rents a vehicle often, con­sider a Non-Owner Liability Policy for $200-$300 a year.

Extended Trips – If an insured is away for a long time without the car, drop the Collision and Liability for that period.

Insurance Company Track Record – Price and coverage are not the only con­siderations when it comes to purcha­sing Auto Insurance.  Individuals should also check the reputation and soundness of the insurance company itself before pur­chasing a policy.  The best way to ac­complish this is to call the State In­surance Commissioner and ask about the financial status and claims paying history of the company.

Insurance Continuing Education

 

Continuing Education Insurance

 

Continuing Insurance Education