Saving on Auto Insurance
Want tips on how to save on auto insurance? Bankrate.com has outlined five ways consumers can save on auto insurance.
Here's a preview.
1. Shop around - This may be some's best best since auto insurance can vary greatly between different carriers. However, insurance companies want to keep customers and may offer loyalty discounts. Also, if consumers have multiple cars or different types of insurance with the same company, they're more likely to pay less.
2. Drive an older car - Older vehicles generally are less costly to insure. However, this may not apply to sports or vintage cars.
3. Raise your deductible - This will save consumers on auto insurance premiums, but this isn't for everyone. Unless consumers have easy access to money that'll cover deductibles in the event of a claim, it could backfire.
4. Reduce your coverage - Reducing liability or uninsured/underinsured motorist coverage is the easiest way to lower premiums.
5. Drop some coverage - This varies depending on the type of car you drive. Most can drop rental car and towing coverage without negative effects. If you drive a clunker, collision and comprehensive coverage are something to consider dropping. This is a tricky area because you want to carefully examine the costs versus the savings.
Earlier this month is was reported that no-fault auto insurance has declined in popularity by both insurers and consumers. A study by RAND reports no-fault auto insurance fails to accomplish its goals of lowering premiums and limiting court costs.