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Two tips for saving money on your auto insurance

Last post Fri, Jan 18 2008 4:39 PM by Walt34. 1 replies.
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  • Wed, Jan 16 2008 11:32 AM

    Two tips for saving money on your auto insurance

    Do you know how your insurance company -- or any insurance company -- prices the cost of your collision and/or comprehensive coverage?

     

    It actually depends on several factors -- including the car’s original cost, the cost to repair it, its overall safety record, and the likelihood of it being stolen.  This means that the best time to think about auto insurance is before you buy the car. You can often get a nice discount from insurers if the car you're buying has a great safety record or if it's designed to reduce the risk of theft. How do you determine these factors?  You can go to the website of the Insurance Institute for Highway safety (iihs.org) and find information as to which cars offer the greatest safety and/or the lowest risk of theft.


    Second, be sure to reduce your collision coverage as your car grows older. For that matter, if you car is worth less than 10 times the premium, you may not want to purchase collision coverage, as it just may not be worth it. How do you find out what your car is worth? Your bank’s auto loan department or just about any car dealership can tell you. You can also look it up online at the Kelley’s Blue Book website (www.kbb.com).

     

    Good luck.

    Frugal Doug

  • Fri, Jan 18 2008 4:39 PM In reply to

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

    Re: Two tips for saving money on your auto insurance

    Insurance can be weird sometimes though. I am retired, and last year I took a job for a couple of months. Called the insurance company, and my rates went DOWN! The vehicle is garaged and was normally only driven 2-4 times per week "personal use only" but when I was driving to work five days a week they reduced the rate! Maybe they figured I wasn't driving it as much since I was at work, thereby reducing their perceived risk.

    Go figure.

    Officially Recognized Stretchpert in Money Management
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