Ways to Curb The Cost of Auto Insurance
Due to the rising cost of living, financial advisers are encouraging consumers to spend their money very wisely. Some drivers are unknowingly spending entirely too much money on car insurance. Here are a six easy ways to curb the cost of auto insurance.
Avoid Making Monthly Payments
Some car insurance companies charge their customers a fee to make monthly payments. In some instances, the installment fee could cost the car owner an extra $5 per month. Instead of essentially throwing away $60 a year, drivers should pay their entire six-month premium at one time. This will eliminate the need to pay any extra installment fees.
Research the Cost of Insurance Before Buying a Vehicle
In most instances, a vehicle’s value will have a major impact on the cost of insurance. For example, a Mercedes luxury sedan will typically be more expensive to insure than a Ford Taurus family sedan. A vehicle’s crash test rating also factors into the cost of car insurance.
Avoid Having a Lapse in Insurance Coverage
The majority of auto insurance companies charge a penalty fee for car owners who have experienced a lapse in insurance coverage. This means that drivers should always keep at least a basic level of insurance coverage on their vehicle at all times. If a driver becomes unhappy with their insurance provider, they should maintain their current policy until they switch to another insurance company.
Consider Purchasing Safety Upgrades
Installing upgraded safety features on a vehicle is well worth the extra expense. Not only will the driver benefit from an enhanced sense of security, but they may also be given a discounted insurance rate. Some of the top safety upgrades include anti-lock brakes, daytime running lights, blind-spot monitoring, rear-view cameras and anti-theft systems.
Inquire About Discounts
When choosing a new policy, be sure to ask the insurance agency about all of the available discounts. Discounts are often given to good students and safe drivers. Long-time customers may also be offered a discount. Some of these discounts can reduce the cost of an insurance premium by over $100.
Lower the Amount of Coverage on Low-value Cars
Motorists who own a low-value vehicle can save a significant amount of cash by dropping any unnecessary insurance coverage. A vehicle that is only worth $1000 typically does not benefit from having collision coverage. Be sure to check out Kolosso Chrysler Jeep Dodge and Ram for all of your vehicle needs.