What You Don’t Know About Car Insurance Could Cost You Money
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Finding a low cost car insurance rate is never easy. But it is made even harder when you do not understand how the insurance industry works. Having a bit of inside knowledge can help lower your premiums and help very cheap car insurance.
Here are five things you probably don’t know about automobile insurance that would end up costing you money:
- The car you drive impacts the rate you pay. Not all drivers are treated equally and neither are all car models. Insurers have a rating system for every car make and model. The basis of the rating is the car’s cost and then theft and safety data are factored in. Even small differences between models – like have a 2-door model rather than a 4-door model – can have an outsized impact on your premiums.
- You can wait to add your young driver to your policy until they have a license. Parents know that finding cheap car insurance for young drivers is a big challenge. One way to save is to wait to add your teenager to your policy until he or she gets their license. Just because your child has reached driving age does not mean you have to immediately add them to your auto insurance policy.
- The higher your credit score, the less you will pay. These days nearly every major car insurance company reviews your credit report when calculating your rate. Your credit score tells the insurer how likely you are to file a claim and how stable you are. A consistent record of paying bills on time indicates you may be a more careful driver and safe drivers file fewer claims.
- You will pay for bad driving, even if you didn’t do it. It’s probably not surprising that you will pay more if you get into accidents. But what you might not know is that your insurance cost will go up even if you weren’t behind the wheel during an accident. If a friend borrows your car and gets into an accident, you will be the one filing the claim and paying the deductible. As a result, your rate is likely to go up.
- You need to officially cancel your insurance policy if you switch companies. If you are switching car insurance companies do not make the mistake of simply not paying your next premium. Insurance companies do not treat this as terminating your policy and non-payment will go on your credit record. Make sure you call your insurance company to notify them that you are terminating your policy. They will send you a cancellation request form that you will need to sign and send back.
And here’s one more bonus secret: you really can save money by shopping around for your car insurance policy. Consumers routinely save hundreds of dollars a year on their premiums by spending less than an hour comparing rates. That is time well spent.
January 14th, 2010 at 10:06 am
It is true that with the passing years, auto insurance has become very expensive to secure for the average American family and those with individual car insurance are finding it more economical to opt for joint car insurance plans (e.g. when they marry or have a teenager in the family who is ready to drive, they choose a group car insurance policy to cover the insurance needs of all members).
Though, it is still felt that those having good driving records are able to register savings in their car insurance policies, especially when renewing them the next time, by the same logic, those with poor driving records were naturally left with an increase in the rates they paid for car insurance premiums.
February 21st, 2010 at 6:48 pm
Just make sure you get three different quotes, from three different insurance companies, while you are shopping for coverage. Successfully passing a defensive driving school is a big help in getting lower rates. Another thing to keep in mind is you can also receive a discount if your young driver is in school, High School or College, and maintaining good grades. Every little bit of savings helps these days.