How to Reduce Your Car Insurance Excess

It seems that the world is now such that everyone is wondering how they can save money and/or lower their bills. The total cost of owning a car is actually comparable to that of owning a home with the now skyrocketing payments, heavy fuel costs, and the overall high car Insurance premiums that we pay.

As far as saving money on insurance premiums goes, there are a number of things that can be done. You can refinance your car loan to obtain a lower interest rate; purchasing a vehicle with better mileage will save on gas costs, among several other options that will save you money on your Auto Insurance premiums. Looking around for the best quote is the most important first step to lower insurance costs for your vehicle.

You can hire an insurance broker who will do all the research for you; however, you can equally easily shop on your own and could even save money by avoiding broker fees. The deductible is the amount that you are expected to pay out of your own pocket in the event that there is a claim on your policy. By maintaining a very low deductible, your premium rate is higher, and if you increase your deductible then you will see the premiums go down.

The type of car you drive can also determine what kind of premium you pay with your Auto Insurance policy. If your vehicle is in the high risk category for theft or if you have been involved in multiple accidents it could dramatically increase your rates. Obviously, also, the value of your car will impact the rates as well; whether it is a sports car or a family sedan. Your previous driving record is another very important factor to the calculation of your premium costs. The insurance company will look at everything from the amount of speeding tickets you’ve received to the amount of time you’ve been driving for. Any violations major or minor will increase your premium. Any security or safety features your vehicle may be equipped with will do a great deal to lower your insurance premiums due to the generous discounts you will receive from the companies. Features such as anti theft devices, airbags, or safety locks can create big discounts on your policy.

Speaking to your insurance agent to find out what sort of discounts are offered for which features, and then subsequently having them installed to receive the discounts is a good idea. Do not blindly renew your policy just because the company sent you the bill. Take time to look over the policy for any changes that can be made, and simultaneously shop around with other companies for better rates. Combining multiple policies with one company can usually save you a lot of money, at times these savings could be up to hundreds of dollars. If you have mortgage insurance or boat insurance you can use the same company to insure all of your possessions and receive hefty discounts. Saving on Car Insurance can be done in many ways. If you shop around and find out the required information needed about your driving record and your car you will be able to make the basic changes that will save you hundreds.

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