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Don’t Overpay Your Auto Insurance

Posted by admin Comments Off on Don’t Overpay Your Auto Insurance

auto insurance over paymentWhen it comes to saving money the best place to start is with your auto insurance.

In good times, it’s natural that we pay less attention to our individual expenses.  But in today’s uncertain times, regardless of our current situation, everybody needs to save as much money as possible.

Most Americans can point to a similar list of monthly expenses, including mortgage or rent payments, auto expenses, utility bills, food & clothing etc…  Many of these expenses are fixed and can’t be changed and so they offer few opportunities to save any significant amounts of money.  Financial experts agree, however, that the one monthly expense, where people can, with minimal effort, often find real and substantial monthly savings is auto insurance.

Auto insurance is a necessary evil that responsible people know they can’t live without. In fact, for many of us, it’s a payment we make month-in and month-out, and never see the benefit of.   That’s OK, because the coverage has to be there if we need it – but it’s also makes it all the more important that we don’t over-pay.

Here are 3 easy tips to see if you’re being overcharged for your auto insurance:

  1. Your driving record is improving, but your auto insurance

    rates aren’tMany states use a point system to indicate how good of a driver you are. The more points you accumulate from traffic tickets and accidents, the higher your insurance costs. But those points aren’t permanently on your record. If you improve your driving habits and don’t add any points to your record for roughly 3 years, your points should go down. This means your insurance prices should also decrease.

    If you don’t have a good driving record, you may still be able to reduce your costs by attending a defensive driving course.

  2. Extra fees for nothing

    You’ve analyzed your bill and discovered that because you pay monthly, you’re getting charged an extra $3 per payment. Or, after adding a new car to your policy, you find a $15 convenience charge. These fees can add up, and you’re not getting any services for your money. A good insurance company won’t charge you fees for services that are considered complementary in many other businesses.

  3. You’re paying more than everyone else

    The average price for auto insurance for 1 vehicle in the United States was $817 in 2006, the most recent statistic reported by the Insurance Information Institute. If you purchase your auto insurance with your home or renters insurance, your overall price will be lower. Over the past few years, prices have been declining. If you’ve noticed your rates going up – and not because you’ve been in accidents or receiving traffic tickets – it’s time to reevaluate your policy.

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