If your auto insurance is on the high side, you’ve got to look around at other insurers. Here’s how to begin the process…
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Get your quotes
Once you have a list of candidates, you’ll want to start getting insurance quotes. Thisusually takes around 15 minutes on the phone per insurer. Have your most recent policy in front of you in case any questions come up about the make and model of your car(s).
Working with an insurance broker is another option. He or she will get multiple insurance quotes for you and you’ll have access to all the insurers they do business with. It’s an easy one-stop shop that lets you still have the flexibility of comparison pricing.
Compare insurance quotes
Once you get the quotes back, it’s time to compare them. Each insurance quote should be based on the same amount of coverage so you can do an apples-to-apples comparison. What if a poorly ranked company offers you a great quote? Clark says to avoid them!While the premium might be tempting, you want to be sure your insurer is there for you when the chips are down.
The general rule is when the cost of comp and collision exceeds 10% of your old vehicle’s value, that’s the time to dump it and just have liability coverage.
So let’s take a simple example. Say your vehicle is worth $4,000. If you’re paying anything more than $400 annually (that’s 10% of $4,000) for comp and collision, it no longer makes any financial sense. One notable exception to this rule: If there’s no way you could financially cover the loss of your vehicle, forget the math and keep paying for comp and collision.
Be prepared to take a higher deductible
You should always opt for a $1,000 deductible for the best savings on your policy. At that level, you’ll pay a lower premium and won’t be tempted to file any small piddling claims.
Don’t forget about discounts!
There are a ton of different discounts out there. Here are some you can ask about:
Antitheft devices
Multiple policies with the same company
College students living away from home
Defensive driving courses
Drivers ed courses
Low annual mileage
Long-time customer
More than one car
No accidents in three years
No moving violations in three years
Student drivers with good grades
Clark talks about the small
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