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Lowering Automobile Insurance Premiums Everybody agree that automobile insurance costs a lot. Although there are the things that cannot be cut, such as car repairs, medical costs, etc there are several ways to reduce the insurance costs on automobile. Lets dwell on some of them: 1. Choose the Appropriate Car. First of all, when you purchase an automobile you should find out everything about the cost of insurance. You need to have a look at the type of the car you are going to buy and drive.
For example, some types of cars will cost you more (sport cars, the models that are prime theft candidates, targets for vandalism, etc), while there are models that are much less expensive to ensure. 2. You Should Shop Around. Not all insurance companies offer the same rates. You should compare insurance quotes to find the most preferable solution. Yet, dont just take the cheapest rate. Think carefully and find out all possible information about the insurance company to avoid misunderstandings and problems in the future. 3.
Compare Collision Coverage Choices. Collision Coverage Choices includes payment for repairs in case the car accident takes place. Collision Coverage Choices are not required by law. However, in case your car is financed, the finance company will probably require you to have the collision coverage (limited, standard, or broad) (Insurance Counselor 1). You can save a certain amount if you choose the limited or standard form of collision coverage, as broad collision coverage is the most expensive. At the same time, it gives you more coverage. 4.
Ask For Discounts. Many insurers offer a wide range of discounts and discount programs. For example, some auto insurance companies offer: - Student Discounts. Some insurance companies offer student discounts for a college student making a B average of better. Such types of discounts can reach up to 10 %; - Group Discounts. Ask your insurance agent whether the insurance company provides with discount for the members or employees of certain organizations.
Probably, you can qualify for that discount; - Age Discounts. Ask your agent for information on age discount. Some insurance companies offer discounts for senior drivers over 50 years old; - Safe Driver Discounts. First of all, you should understand that the cost of your car insurance is a factor of your risk profile.
If you have had two car accidents in the last year or three speeding fines, you wont be able to qualify for a cheap insurance. On contrary, some insurance companies offer safe drive discounts for people who havent been involved in a car accidents within the last 3 - 5 years. Just drive safely and build the conviction-free track record with your insurance company in order to bring down your insurance costs; - Discounts offered for anti-theft devices, anti-lock brakes, air bags, seat belt usage and daytime running lights (Insurance Counselor 1); - Membership Discounts. Some insurance companies offer discounts for people who have two or more policies with the same insurer. 5.
Increase Your Deductible. The bigger is the amount you agree to pay toward the cost of repairs before the insurance company has to pay anything (Insurance Counselor 1), the more you save. 6. Consider Dropping Some Coverages. There are several coverages that are not required (collision or comprehensive on an older car, uninsured motorist, car rental, towing (Insurance Counselor 2).
However, you should understand possible outcomes before you do this. 7. Avoid Duplication. In case of car accident some aspects of your care can be covered both by your health insurance and car insurance. You need to talk to your automobile insurance in order to get the discount. As a result, your auto insurance will pay the amount that the health policy doesnt cover. Bibliography Insurance Counselor.
How to reduce the cost of your insurance. Retrieved August 18, 2006. web
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Research essay sample on Insurance Companies Insurance Costs
