How much money do you pay for your car insurance coverage per year? Do you pay a thousand dollars? It is not rare for car insurance rates to go as high as that. In fact, some people would pay more than $2000 for their car insurance. However, do you know that you can actually cut down on your car insurance costs? For this, you have five points of action. By following these tips, you could save over 50% of what you would pay for your normal coverage.
The first point of discount lies in the kind and number of security amenities that your car has. Having safety features prevents a driver from getting into accidents. That is why insurance providers see this as a category for giving discounts. You should check the safety features of your car like air bags present, seatbelts (especially those automatic ones), and antitheft devices like alarms, ABS and traction control mechanism.
Your car may have these safety features and even more. Try to list them all down for your insurance discounts.
You may also check deductibles that apply for coverage that is comprehensive, including collision coverage. Two deductibles are usually categorized by your provider. The first of these is the collision deductible which occurs when you hit another person or vice versa. The coverage deductible, on the other hand, has something to do with the additional damages. You can get up to $1000 in deductibles for this.
You should also review the property damage liability that your policy encompasses. You should also change it whenever applicable. For example, it is foolish to have coverage worth $100,000 when it is highly unlikely for damage to property to reach that amount.
The average amount for almost all damages to property can be solved by having $50,000 coverage. That is why reviewing your car insurance policy properly is a must for saving money. If your assets are minimal or zero, you can opt to have your coverage to as low as $25,000 or the minimum amount required in your state.
You should also review, and change as needed, your liability for bodily injury. It is actually a required coverage, but the issue here is that most people are paying a lot more than what they truly need. This part of your policy deals with all the passengers of the car, all passengers of other vehicles affected, and pedestrians. Evaluate your needs as with damage liability.
Finally, always remember that being underinsured is dangerous and can cost you a lot of money.