Are Your Insurance Rates Changing?

November 27, 2016 · Posted in General Articles on Car Insurance 

Insurance rates are a numbers game that are affected by a wide range of factors, but one of the key elements used to determine your insurance rates is the car that you are insuring.

More expensive cars cost more to insure. That’s just a fact of life. Collision and theft insurance rates are based on the cost to replace or repair the car, so the pricier the car, the pricier the insurance.Take your model expectations down a notch or two. Do you really need a 30 thousand dollar car, or will a twenty thousand dollar car do as well. Or even a ten.The cheaper your car, the less you spend on car payments and insurance premiums each month. Do the math.

Consider a used car. Or ‘pre-owned’ as it is now called when trying to soften the stigma of not buying new. When you think of it, paying full price for an asset that depreciates several thousand dollars the minute you drive it off the lot is a questionable practice. Remember, cheaper car equals cheaper rates.Try to avoid high theft makes and models. Many cars are high on the target list of car thieves in your area. Don’t buy a target.

Shop around for companies that discount on other areas that you qualify for. Let your agent know that you are shopping around. Remember, you aren’t begging them for a policy, they are selling a policy to you. Make them work a little bit for their commission.Some companies will discount for anti theft and safety equipment. By adding these options to your car, you can help reduce your rates.

Consider starting a car pool or taking the bus to work. Many companies are offering tele-commute options where you can work from home part of the week.Another option is the flex hour plan where you work four ten hour days instead of five eight hour days. One less day on the road can save you a lot on some policies.

 

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