Here is a fact: You are most likely paying too much for car insurance. This is usually because you are not aware that you can save a significant amount on your insurance premiums. The internet has created a great way for you to compare various rates between insurance companies. You can also analyze various coverage options and compare premiums.
One way to save money on your driving insurance is if you have a low risk occupation. Insurance is all about numbers so if you have a low risk job, you can pay a lower premium. If you are a teacher instead of a construction worker or a hotel agent instead of a pilot, you are no doubt at a lower risk for insurance companies.
If you are or have a young person in your household, they may qualify for young driver insurance. Many people believe that if you are under the age of 25, you are a high risk driver and therefore will pay more in premiums. This is not the case with young driver insurance. Those who are ages 16-24 can get this discount.
Being a member of a professional organization or auto club can save you money on your insurance. If you go into a hotel and the full price of a room is $100 but you are a member of AARP. The hotel offers AARP members a 15% discount on their room so you are now paying $85 instead of $100. Driving insurance is much like that. If you are a member of AARP or other professional organization or auto club, ask your insurance carrier about discounts you may be entitled to.
You can get an insurance discount if you have certain safety features on your vehicle. For instance, safety features would be things like antilock brakes, airbags or automatic seatbelts. Certain alarm systems can also qualify for a discount each month! Check with your insurance company since each state mandates what is considered safety features on a vehicle.
Category: Personal Finance