In today’s fast-paced world it can be all but impossible to get around without a reliable car, but having wheels of your own also means accepting some significant expenses. The costs of owning a car do not end with the monthly car payment – automobile drivers also need to factor in the costs of repairs, maintenance and of course quality car insurance.
General liability is another vital coverage for business owners as it provides a financial safety for their business if they face any big loss. You should definitely look for best options suitable for your business online as well.
Driving without car insurance is a big gamble, even in states where car insurance is not a legal requirement. Getting into an accident without sufficient car insurance can leave you and your assets vulnerable, and many drivers have been burned in this way. Anyone who drives needs to have sufficient automobile insurance coverage in place – the peace of mind is more than worth the cost.
Of course the cost of car insurance can be significant, and it is important to keep that cost as low as possible. Fortunately there are some simple steps drivers can take to get the most coverage at the lowest possible price. Sometime tested and proven tips for getting the most out of automobile insurance include the following.
- Determine what type of car insurance you really need. Many drivers purchase collision and comprehensive coverage on their vehicles as a matter of course, but in some cases this coverage may not provide much of a value. The key to determining whether or not to purchase collision and comprehensive coverage is the value of the automobile. Many insurance experts recommend dropping this type of coverage when the value of the car or truck drops below $3,000 to $3,500. Carrying collision and comprehensive coverage can double the cost of the policy, and in the long run the extra benefit may not be worth the cost.
- Check your credit score before you shop. It may seem strange, but many automobile insurance companies consider not only your driving record but your credit history as well. Having a bad credit score can increase your premiums substantially, so be sure to check your own score before you start shopping. If your credit score is below average it is a good idea to seek an insurance company that does not use credit information to determine rates. If you are unsure about the factors used, don’t be afraid to ask the agent.
- Shop around, then shop around some more. In many markets there are literally dozens of car insurance companies, all competing for your valuable business. That means that you are in the driver’s seat. Take advantage of that powerful position to get the lowest possible premium and the best possible coverage. Shopping around can save you hundreds of dollars a year in premiums – take advantage of that fact and compare your coverage options carefully.
- Consider raising your deductible. If you carry comprehensive and collision coverage on your vehicle you may be able to save a great deal of money simply by raising your deductible. Raising your deductible from $500 to $1000 can yield savings of hundreds of dollars a year. By directing those savings to a separate account you can in essence self insure the added cost. And best of all if you don’t have an accident you get to keep the money.
- Review your coverage at least once a year. Nothing is static in life, and as circumstances change insurance needs change as well. An annual review of all your insurance needs, including car insurance, can yield significant savings. For instance, that brand new car you bought five years ago is no longer so new – or so valuable. It may be time to take a look at the need for comprehensive and collision insurance. Reviewing your coverage needs and making the necessary adjustments at least once a year is a great way to save yourself some dough
Saving money on car insurance is not always easy, but it is possible to save some significant money by being a smart shopper and a savvy consumer. By shopping around and being an informed customer you can get the coverage you need to keep driving with confidence without breaking the bank or busting your budget.
