Like all insurance, car insurance is coverage that everyone needs but no one wants to have to use. If you have gone years without an accident or claim, the cost of premiums could seem expensive. After all, the average U.S. driver paid $866 for coverage in 2014 alone. Unfortunately, everything can change in the blink of an eye, resulting in tens or even hundreds of thousands of dollars in damages. You know you need to maintain the same quality of coverage ‘just in case,’ but you are tired of paying high prices. What can you do? Fortunately, you do not have to sacrifice quality coverage for affordable prices. In fact, there are several steps you can take to lower your costs and maximize your savings.
Raise Your Deductible
The deductible on your car insurance policy is the amount of money you will pay out of pocket if you need to file a collision or comprehensive damages claim. Insurers give you the luxury of choosing your deductible, which could be as little as $100-$250 or as much as $500-$1,000 or more. The amount you choose is directly correlated to the price of your coverage. Typically, a lower deductible will mean higher premiums. If you wish to lower your rates without cutting into your coverage, try raising your deductible to the maximum amount you can afford.
Know Your Risk Factors
There are several factors that insurers consider when assessing your risk of filing a future claim against your policy. Those variables may be weighed with different emphasis at one insurance company than another, which is why rates quotes can vary significantly from carrier to carrier. Examples include:
- How much you drive your car
- The age, type, value, and features of your car
- The age of the drivers on your policy
- Where you live and park your car at night
- Prior car insurance claims history
- Information in your driving record
- Information in your credit report
Shop with an Independent Agent
Though it may take time to change the negatives in your risk profile, there are steps you can take immediately to improve your rates. We suggest starting by working with an independent agent here at the Philleo Agency. We work for you – not the insurance company. Our job is not to focus on the flaws in your risk profile, but rather to leverage the things that are working in your favor. That means matching you with a car insurance company that puts less emphasis on negative variables that might otherwise drive up your rates.
We can also uncover any money-saving discounts you may qualify for, such as:
- Low mileage discounts
- Good student discounts
- Safe driver discounts
- Accident-free discounts
- Home and auto-bundling discounts
- Multiple vehicle coverage discounts
- And more
Don’t try to find coverage on your own when an independent agent can answer your questions, make recommendations, and shop on your behalf. For more information or to request your free car insurance quotes, contact our office today. We look forward to serving you soon.