- Mind Your Credit Score!
Did you know you have an Insurance Credit Score??? This score is similar to your credit Score. Just like your loan creditors, insurers love to see long term stability, responsible use of credit and keeping balances low, if you have been impacted by a negative credit history in the past, improvements in your FICO credit score will mean lower insurance premiums in the future.
You can check with TransUnion, Equifax or Experian for your FICO score, and work on improving it if appropriate.
- Request higher deductibles.
The deductible is the amount of money you have to fork over before your insurance policy comes to the rescue. By bumping your deductible up from $200 to $500, you could lower the cost of your collision and comprehensive coverage by 15 percent to 30 percent. By increasing it to $1,000, you could decrease that cost by at least 40 percent.
- Combine policies with one carrier.
You will save money if you insure all your vehicles, including trailers and recreational vehicles, on a single policy. Your car premium also should go down if you buy homeowners' or life insurance from the same company.
- Forgo coverage you don't need.
Think about dropping collision and/or comprehensive coverage on older cars with a low market value. Such coverage often is not worth it because any claim you make probably won't exceed the cost of the insurance and the deductible amount. To assess your car's current value, visit Kelley Blue Book or Edmunds.com.
Avoid duplicating medical coverage. If you already have good health, life and disability insurance, buy only the minimum personal injury protection required by the state where you live.
- Purchase a low-profile car.
It's more expensive to insure a vehicle that's expensive to repair, popular with thieves or known for not having the greatest safety record. For a rundown of vehicles' risk levels, visit the Insurance Institute for Highway Safety's Web site.
- Carpool or drive less.
Many insurance companies offer “low-mileage discounts” to policyholders who carpool to work or drive a lower-than-average number of miles each year. You can call Scott Insurance and find out whether you qualify.
- Opt for safety gear.
You can qualify for a discount on many policies if you have air bags, automatic seat belts, anti-lock brakes and daytime running lights. An approved alarm system or other anti-theft device can give you additional savings.
- Seek out discounts for teens.
Insure teenagers on the parents' policy rather than a separate policy. Teens who maintain good grades and pass an approved drivers' education course usually can qualify for reduced rates. An additional discount may come into play if your child goes to college more than 100 miles from home and doesn't bring a car along.
- Check for other discounts.
You also might be able to pay less if you're older than 50 or 55 and/or retired; if you've had no accidents or moving violations in three years; or if you're a longtime customer.
- Pause before paying extra for roadside assistance.
It might be good to line up a roadside assistance plan elsewhere because a tow could increase your auto insurance premium and might even affect your eligibility for coverage. What's more, you may already have an adequate roadside plan through your credit card.
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