Lowering
Car Insurance Premiums
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Most
of us know that in determining your premium, car insurers
look at your driving record, where you live, the type
of car you drive, the amount of your deductible and
your age. However, car insurance companies may take
into consideration many other circumstances to determine
your premium. Kevin Monroe of State Farm Insurance pointed
out some additional ways you may be able to get discounts
on your car insurance.
1.
Good Credit. Another good reason to maintain
good credit is to get a lower car insurance rate. According
to Monroe, some insurance companies offer a "5%
discount if you have excellent credit."
2. Bundle Insurance. You may get a better rate
if you insure more than one car, or if you buy your
auto, homeowner's, renters and other insurance from
the same company.
3. Keep You And Your Car Safe. Your insurance
company may reduce your rate if your car has an anti-theft
device. Most any alarm system will qualify you for a
discount. However, the more sophisticated the system,
the larger the discount. You also may get a discount
if you park in a locked lot versus parking on the street.
In addition, you may save money if your car has safety
features such as air bags and antilock brakes.
4. Limited Driving. If you do not drive very
much because you work-at-home, are a Stay-At-Home-Parent,
or for some other reason, ask for a lower rate. Insurance
companies look at the number of miles you drive each
year. Sixty-five hundred (6500) miles or less will get
you the biggest discount
5. Membership has Privileges. Membership in some
professional association may get you a discount on insurance.
6. Good Grades. Kevin Monroe pointed to a new
concept that is becoming standard: the "Good Student
Discount." It is quickly becoming an industry standard
for insurers to offer discounts to young drivers with
good grade point averages.
7. Include Youth Drivers. It is less expensive
to add young drivers to your insurance versus purchasing
a separate policy.
8.
Discounts for Older Citizens. Some states offer
safe driving programs for seniors. Once a senior successfully
completes the course, he or she may be eligible for
a premium reduction.
Check
with your insurance agent. Discounts offered vary from
state to state and from insurer to insurer.
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