How Can I Lower My Auto Insurance Payment?

When people look at their auto insurance payments, one question they commonly have for their agents and brokers is how they can lower the amount that they pay each month in insurance premiums for their car.

There are a few ways to decrease your auto insurance premiums, and you can make use of them all to ensure you are getting the best insurance rate possible for your vehicle.

The primary step to getting the lowest insurance rates for your vehicle is to get a variety of quotes from different insurance companies. The information you give to each of the insurance companies should be the same so you can get an accurate comparison. Also, you should ask for the same levels of insurance from each of the companies, including deductibles and limits. A slight change in a deductible can affect how much your insurance cost.

That leads us to another way to lower your insurance rates—request higher deductibles on your collision and comprehensive coverage. The increased deductibles will automatically lower your payment. However, it should be noted that if you do have to file a claim on your insurance on your collision or comprehensive policy, that you will have to pay the deductible before the claim is processed. If you can afford the deductible in the event you need to make a claim, then this is an easy task. However, if you can not afford a $1,000 outlay expense then raising your deductible limit may not be worth it.

When you are requesting quotes, or dealing with your insurance agent to lower your premiums, ask about discounts. There may be some discounts that you can qualify for that you didn't previously know about or perhaps the insurance company has a new discount offer that is available.

The best way to get and keep a low insurance rate is to maintain a good driving history and credit history. By not having speeding tickets, moving violations and collisions cluttering your driving record, you will get a much better rate, because you are seen as less of a risk than drivers who do have these factors.

Some insurance companies take your credit history into account when you apply for insurance for your vehicle, however not all of them do. If you have a less-than-perfect credit rating, seek out an insurance company that doesn't take credit history into effect. It is statistically more probable that people with a good credit rating have fewer claims on their insurance.

If you have a teenager on your insurance policy, find out how you can lower the premium by talking to your agent about good student discounts and discounts for driver's education courses. The cost of a driver's education course could save you more money in one year of premium payments than the cost of the course. It is definitely worth looking into.

Try a few or all of these suggestions to lower your vehicle insurance rate. Your insurance agent will be able to help you find the lowest rate for your auto insurance.