If you drive, car insurance is one expense you cannot legally escape. Families that include children at or near driving age understand the special challenges of finding car insurance that is adequate as well as affordable.
We all want to save money where we can. Whether you have a teenager at home or borrowing the keys to the car is a long way off for your little ones you will surely appreciate every opportunity to save more on car insurance.
When you are ready to cut back on your car insurance expenses it is a good idea to first understand what you are getting so that you can make the most informed choices. No matter what type of policy you are considering you will likely encounter the following terms.
Liability or bodily injury
When you are at fault in an automobile accident liability insurance helps you offset costs that are incurred by the other party for property damage or bodily harm.
We all hope to avoid car accidents, but should you have one collision insurance will help you cover those expenses such as medical expenses or property damage that might otherwise be catastrophic.
Car radio thefts are an expensive nuisance. If you have comprehensive insurance the damage to your window, dash and radio replacement will likely be covered.
Sometimes, for a variety of reasons, drivers are not adequately covered by auto insurance. If you have an accident with an uninsured or underinsured motorist this coverage will provide some compensation for your expenses.
To save money on car insurance, consider the following:
Increasing your deductible
Higher out of pocket commitments on your part usually correlate to lower monthly insurance premiums. Choosing a $1,000.00 deductible will save a great deal on your monthly insurance bill. But before you choose this option be sure that you will be able to come up with the $1,000 in the event that you have a claim.
Going with the carrier that provides your homeowners or renters insurance
If you already have a policy with an insurance carrier you may save money by choosing the same company for your car insurance. Carriers offer multi-line discounts for those carrying more than one policy.
Encourage your teens to earn good grades
Car insurance providers believe good grades equal responsibility, thus students with high marks are eligible for insurance premium discounts. Teens that complete driving courses may also be eligible for reduced insurance premiums.
Tickets and other moving violations result in premium increases.
Put off the new car purchase
Insurance rates are cheaper on older model cars. When you buy a new car you not only take on a new monthly car payment but also increased registration and insurance costs.
Car insurance is a requirement for all drivers. You can save money on car insurance by increasing your deductible, encouraging children to earn good grades and by selecting only the coverage that you need. You should also take care to choose a carrier that is reputable. Car insurance will not serve you if your provider is insolvent just when you are ready to file a claim. Standard and Poor’s can help you make sure any potential carrier can provide the dependable coverage your family needs to drive safely and legally.