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47 Auto Insurance Savings Tips -- Guaranteed Steps To Dirt Cheap Car Insurance Rates Pt 3 - YouTube
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47 Auto Insurance Savings Tips -- Guaranteed
Steps To Dirt Cheap Car Insurance Rates (Series)
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– Pt 3
Tip #21…
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Move to an area that represents a lower risk
It is cheaper to insure a car if you live
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in a rural area
It makes sense to live in a less congested
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area if it fits your circumstance
This is because the risks of vandalism,
[28]
theft or...
[30]
Collision…
…are far less
[33]
Tip #22…
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Periodic reviews can make a big difference
You might be able to bring down your rate
[40]
if you take time to review your policy from
time to time.
[44]
Change is inevitable and happens without our
permission but then we must NOT pay for things
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that changes have relieved us of…
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How many people, for example, remember to
remove their daughters from their policies
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immediately they get married?
[56]
The changes in your life might have qualified
you for certain discounts.
[60]
It might also no longer be in your best interest
to retain certain coverage types.
[66]
It would, therefore, do you a world of good
to review your policy yearly or twice yearly.
[72]
Finding even one thing that you no longer
need on your policy and dropping it will save
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you something reasonable.
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Tip #23…
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Avoid policy lapse
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Do your utmost to always ensure your policy
does NOT lapse.
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You'll pay more expensive rates for a long
time if this happens to you albeit by mistake.
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Don't allow this mistake while switching because
that's one situation where this happens to
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a lot of people.
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One way to be certain you do NOT make this
type of mistake is to let your old policy
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keep running until you've confirmed that the
new one is fully operational.
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Many people are paying more than they should
just because they made this mistake.
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So do take care that you don't become one
of them.
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Tip #24…
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Stop insuring broken vehicles
Do you have a car you've not driven in months?
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Do you have a broken car?
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Are you still paying premiums on such a car
because you did NOT remember to remove it
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from your auto insurance policy?
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As simple as this looks a lot of people end
up paying thousands in unnecessary premiums
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because they don't remember to remove such
cars from their policies.
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Don't make this mistake!
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Tip #25…
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Don’t pay monthly.
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Pay yearly
If you choose to pay your premiums monthly,
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you'll pay higher rates.
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True, paying monthly might be less stressful
but it is also less affordable.
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If you work with banks you will agree with
me that each check you process is regarded
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as a transaction which attracts charges.
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For 12 checks (that is, your monthly payments)
you'll have a total of 12 transactions.
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This means that transaction fees would be
12 times more for those who make monthly payments.
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Besides, there are also administrative costs
that come with the monthly payment option.
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A good example of such is the expense associated
with sending out payment notices.
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These and more are then added to your rate
thereby making it higher than if you paid
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annually.
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Tip #26…
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Authorize an EFT for your payments
A simple but effective way of lowering your
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rate is by authorizing an EFT (Electronic
Funds Transfer).
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This just means your insurer withdraws your
premiums automatically from your account at
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specified periods without mailing you payment
notices.
[220]
This saves your insurer in many ways such
as removing the cost of mailing payment notices
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and the cost associated with processing checks.
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Your premium is therefore reduced in line
with the lower cost of providing insurance
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to you.
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Tip #27…
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Drop your young driver from your policy
Under-25 drivers get higher rates than any
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other age group.
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Worse still, if they are teenagers their auto
insurance rates could be really high.
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Therefore, as much as possible, do not place
such a driver on your own policy.
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You'll be made to pay very high rates if you
do that.
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Sign an exclusion form that will allow your
teen driver have his or her own policy.
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If a teen is keen on driving then they should
be made responsible for at least the cost
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of their auto insurance.
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Teens who pay for their own auto insurance
are more willing to take steps to bring it
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down.
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This, by extension, means that such a teen
driver will be more responsible behind wheels
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since they bear the full cost of their actions.
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Tip #28…
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Stay loyal and get discounts plus concessions
Insurers give customers who have remained
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loyal a long term discount and accident forgiveness.
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Some insurers will give you up to 5% in discounts
once you've been with them for up to three
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years while others will give you such a discount
only when you've stayed for up to five.
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Most insurers will also NOT raise the rates
of a long standing policy holder if they make
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just one claim.
[313]
Insurers offer these as incentives to keep
you with them since it serves them better
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too.
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But it will only be right for me to also point
out that in spite of these incentives, you
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might actually gain more if you switch to
another insurer…
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Let's assume, that you are given a 5 percent
(or $125) discount after your third year with
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an insurance company where your current auto
insurance rate is $2,500.
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Also note that your rates may be raised to
reflect the effect of inflation.
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But while you're at it, another insurer may
be willing to give you a rate of $2,000 or
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less at the moment.
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Then it won't be wise to stay put because
you want to qualify for a discount down the
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road considering that the expected discount
is less than savings you'll get now if you
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change to another insurer.
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Believe it or not, most people can pay far
less with another insurer if they'll only
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make out time to shop right.
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You can only know if this is true for your
profile when you obtain and compare quotes
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from a good number of auto insurance companies
to see where you'll gain more.
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Tip #29…
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Don’t falsify your details
Make sure you do NOT give false details when
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you complete your forms.
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Insurance fraud costs us all.
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It's been estimated that insurance fraud adds
up to $1,500 to the average family's insurance
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premium annually.
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You can save us all this extra burden by representing
your details truthfully.
[408]
If you couldn't care less about the cost to
everyone in general, don't forget that your
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insurer is free to cancel your policy on the
grounds of false representation.
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You'll then lose in a very big way.
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Insurers increase your rates by a good margin
once you've let your policy lapse or had it
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cancelled for reasons like this.
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Tip #30…
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Don’t duplicate coverage!
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You might be duplicating coverage and paying
more unnecessarily…
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…If you have a very good health insurance
coverage and also an extensive personal injury
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protection (PIP) coverage on your car insurance
policy.
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If it's possible in your state, eliminate
PIP totally in such a situation.
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For the rest of us, keep it at the minimum
stipulated by your state laws.
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Why should you pay higher rates that will
NOT translate into more benefits?
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Get and compare cheap quotes from many top
insurers @ Q4L.org
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Quality-Insurance-4-Less.com
Q4L.org
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(It's the same site just easier to type into
your browser)
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One more thing...
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Save a lot of money...
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Get many more tips that will help you cut
down your overall insurance costs by up to
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50% at Q4L.org
Q4L.org
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