Auto Insurance: 5 Ways To Save Money On Your Car Coverage

Anica O

9 years ago

The US automobile insurance industry takes in roughly &dollar;228 billion in annual revenue according to recent estimates&period; The average driver spends about &dollar;814 per year in premiums&period; If you&&num;8217&semi;d like to pay less for auto insurance without seriously impacting coverage, here are a few hacks that can make a big difference on your monthly bill&period;&NewLine; <img class="aligncenter wp-image-15230 size-Correct-Size" src="https&colon;//medusamagazine&period;com/wp-content/uploads/2016/12/Auto-Insurance-640x460&period;png" alt="Auto Insurance&colon; 5 Ways To Save Money On Your Car Coverage" width="640" height="460" />&NewLine;<h2 style="text-align&colon; justify&semi;">Clean Up Your Credit History</h2>&NewLine;Outside of an SR-22, nothing drives up premiums like a lousy credit rating&period; Fortunately, little things like setting up payment plans for old debts can make surprising differences in your credit rating&period; Make sure to apprise your carrier of credit rating improvements as soon as they occur and lobby for lower rates&period; &NewLine;&NewLine;<h2 style="text-align&colon; justify&semi;">Reduce Your Vehicular Balance Sheet</h2>&NewLine;Assuming a clean driving record and solid credit, the value of your vehicles is a huge factor when it comes to determining rates&period; If you have three wholly owned vehicles that are at least five years old, your monthly payment can be as little as &dollar;60&period; Whenever possible, buy pre-owned cars or trucks and pay cash&period; &NewLine;&NewLine;<h2 style="text-align&colon; justify&semi;">Do Your Own Repairs When Possible</h2>&NewLine;Using your insurance policy to deal with damages is a sure-fire way to raise rates&period; If you&&num;8217&semi;re looking at minor repairs that you can do yourself, use a site like <a href="https&colon;//upullandpay&period;com/indianapolis/home/">U Pull &amp&semi; Pay</a> to source quality pre-owned parts and apply some elbow grease&period; Save major claims for major incidents that require an expert technician&period; &NewLine;&NewLine;<h2 style="text-align&colon; justify&semi;">Fine-Tune Deductible Price Points</h2>&NewLine;If you&&num;8217&semi;re going to deal with minor repairs yourself, raising your deductible to &dollar;1,000 or more is a wise move&period; Doing so makes a lot of sense if you&&num;8217&semi;re not driving a fairly new car with a decent Kelley Blue Book value&period; This one policy change can save you hundreds in premiums annually&period; &NewLine;&NewLine;<h2 style="text-align&colon; justify&semi;">Take Advantage of Policy Discounts</h2>&NewLine;Most drivers don&&num;8217&semi;t realize how many discounts are available to them based on their occupations and driving habits&period; Teachers, EMTs, law-enforcement officers and members of the military frequently qualify for discounts that often go unexploited&period; If you drive less than 5,000 miles per year, most carriers will cut you a break on premiums&period; &NewLine;&NewLine;There&&num;8217&semi;s no one magic bullet that will slash insurance rates to the bone&period; The best course of action for any individual will depend on their financial situation, living arrangement and daily schedule at a minimum&period; Regardless, all of the ideas mentioned here can work wonders for any motorist&period;&NewLine;