Most Americans would overlook car insurance in their effort to save money from the car buying process. But this can be a big mistake. Failure to ensure your car could place you in greater risks since this would provide you the obligation to pay for the damages and injuries in the event of accident. In addition to this, it is also unlawful not to possess car insurance especially when you own a vehicle.
Although car insurance means extra expenses, its usefulness is far reaching. This could save you from financial ruin in the event of accidents. You can also reduce the insurance premiums that you are paying by using tested and proven procedures. In order to help, this article provides you with the three easy ways lower down insurance expenses and this includes the following:
1. Check your car insurance deductibles
Try to look upon your car insurance deductibles and examine the amount that you are paying for it. If the amount is $250 or below, try to raise the amount to $1000 for this could reduce your insurance premiums especially the collision and comprehensive car insurance coverage by 40%. Although you will be paying a higher deductible when you need to file a claim, your savings due to the reduction of the monthly premium would be worth it. You can possibly save an estimated amount of $170 if you would be using this technique.
2. Combine your home and car insurance
Another effective technique in reducing your monthly insurance premium is by combining your insurance for your home and the insurance that you have for your car. This would reduce your insurance payments by 15%. You can do this by obtaining the two insurance policies from a single insurer. By doing this, the number of bills that you pay each month would also reduce. This technique would allow you to save a total of $210 each year.
3. Pay your insurance premiums in a lump sum
In case you can afford to pay your annual insurance premium in lump sum do it. You will earn a small amount of savings for doing this since insurers are charge their customers a break-up fee for calculating the monthly premiums and when you in lump sum this fee is eliminated. You can probably earn an estimated savings of $60 per year.