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Lower Insurance Premiums; Just a Dream?

Last post Tue, Aug 14 2012 3:11 PM by haverwench. 3 replies.
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  • Wed, Aug 1 2012 4:42 PM

    • Brandy
    • Top 10 Contributor
    • Joined on Wed, Mar 28 2007
    • Saving in South Mississippi
    • Posts 25,145

    Lower Insurance Premiums; Just a Dream?

    We can dream of lower expenses but can we make that a reality with auto insurance?

    We actually need to so some insurance shopping. But other than selecting a company with lower premiums, what can help to lower the costs?

    The Dollar Stretcher Community Manager



  • Fri, Aug 3 2012 2:02 PM In reply to

    • Walt34
    • Top 75 Contributor
    • Joined on Mon, Dec 17 2007
    • WV eastern panhandle
    • Posts 1,406

    Re: Lower Insurance Premiums; Just a Dream?

    If you carry collision insurance ask what the difference in premiums will be if you raise the deductible from the normal $100 to $500 or $1,000 or more.

    When we did that with the house insurance (raised the deductible to $1,500) we found that the lower premiums would allow us to pay that $1,500 every five years in otherwise insurable losses. Given that we've never filed an insurance claim for damage to the house we figured that was a good deal. The same would apply to car insurance.

    Officially Recognized Stretchpert in Money Management
  • Fri, Aug 3 2012 5:03 PM In reply to

    • rolo
    • Top 50 Contributor
      Female
    • Joined on Wed, Apr 4 2007
    • Michigan
    • Posts 1,932

    Re: Lower Insurance Premiums; Just a Dream?

     How to lower vehicle insurance premiums:

    1. a great driving record/driving history

    2. high deductibles

    3. multi-policy discounts--all insurance needs--vehicles, campers, RVs, motorcycles, home, life are with the same company

    4. maturity discount--55 and older will see a senior discount in most cases

    5. good student discount--for teen drivers

    6. defensive driving course discount

    7. employer, union, sorrority, fraternity affiliation discount

    8. a high credit score/no negative history on your credit report

    9. reside and work in a low crime/low claim area

    10. history of few or no claims

    11. drop towing coverage

    12. drop glass coverage

    13. long term customer loyalty

    14. pay premium annually to save on administrative fees and to receive paid in full discount

    15. use an insurance broker who is able to shop around your insurance needs to dozens of providers to find the best coverage/best rate for you

    We qualify for all but the good student discount and the defensive driving course discount, have a $1000 deductible on vehicles, and home.  All of these discounts save us almost $750 annually. This is a great discount as Michigan has the HIGHEST vehicular insurance costs nation wide. For the past 17 years, we have used the same insurance agency/broker for our home, vehicle, life, and long term care insurance. 

     

     

    Lorrie

    "People take different roads seeking fulfillment and happiness. Just because they're not on your road doesn't mean they've gotten lost." ~~ Dalai Lama XIV -

  • Tue, Aug 14 2012 3:11 PM In reply to

    Re: Lower Insurance Premiums; Just a Dream?

     Rolo covered most of the bases, but I would add that if you are driving an old clunker, it pays to drop your collision and comprehensive coverage altogether and just carry the liability insurance that the law requires. If your car is *really* old, its total value might actually be less than your deductible, in which case you could never collect a penny. But even if it's still worth a few thousand, the potential payout for totaling it (which almost any accident will do, if it's that old) is probably not enough to justify the additional premiums.

    My Ecofrugal Living blog: ecofrugality.blogspot.com
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