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Auto Insurance Saving Money There is a lot of competition in the automobile insurance industry and a wide discrepancy in premiums being charged. There are a number of things you can do to save on the cost of your automobile insurance. Competitive quotes Shopping for competitive quotes — for any type of insurance — is always a good idea and a great place to start. Making certain that you are evaluating proper and adequate coverage is also important. Check your car's rating Insurers charge more for cars with high claims rates. Some charge less for collision and comprehensive coverage on models that score well for safety and durability, but add surcharges for others. Before you buy your next car, it might pay to check on such differentials! Ask for discounts Another great way to save on your automobile insurance is to qualify for discounts provided by the insurance company. Be sure to ask your insurance agent about discounts which may be available from your automobile insurance carrier. There are many discounts that you can qualify for. For a description of the typical discounts offered in an auto policy, click on the tab of the discount that interests you. Discounts can reduce your premiums by as much as 25% or 30%! Click on each of the features on the left to view the definition of each. Multi-Car and Multi-Policy       You will often get a break in premium by bringing all your home and auto insurance to one company. You can have the company assign drivers to particular cars your family owns; your rates decrease if your insurer assigns your highest-risk family member to the oldest, least-valuable car. Anti-Theft Devices       This discount applies to comprehensive coverage only. Not all security systems and care alarms are equal in the eyes of the insurance company; check with your insurer before installing one. Safety Features       Some insurance policies give small discounts for safety features such as air bags and anti-lock brakes. Carpooling       Most leading insurers offer a 15% to 20% discount to commuters who carpool to work every day. You can also save by using public transportation. Good Driver       These discounts range from 10% to 20% of the total premium. You may also get a discount if you or a family member complete a defensive driving course. Nonsmoker       If you or a family member quit smoking it could lower your car insurance premium as well as your homeowners and life insurance premiums. Good Student       If your teenager drives you may be eligible of a discount of 5% to 25% if he or she maintains a certain grade-point average. Watch those deductibles Another way to reduce the amount of your monthly or annual premium payment is to increase the amount of deductibles that you carry on your policy. Side-by-side comparison of two policies Both are insured for the same risks, but we've raised the collision deductible from $100 to $500, and increased the deductible on the comprehensive coverage from $0 to $250. By adjusting the deductibles and coverage amount we have provided the coverage we need at a cost we can afford. And, at the same time, we have saved 15% or $120.00 per year. Whenever you see the word "deductible," it's an opportunity to save money. Higher deductibles will lower premiums, but make sure you can "afford" the higher deductible. Avoid the situation where you choose a higher deductible in order to lower your premiums, but then you can't afford to pay the deductible when you're in an accident. As you can see, there are many ways to save yourself money on your auto policies, while still maintaining the proper coverage amounts. Now that we've gone through the most common insurance policy, let's see how much you've learned before we move on to perhaps the most important insurance policy, your homeowners insurance. < PREVIOUS NEXT> #38599