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Tips to save money on auto owners’ insurance

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If you own a fleet of cars, you might to spend quite a bit of money on auto insurance. But the very fact that you own quite a few cars can work in your advantage. Insurance companies offer a lot of discounts to owners especially when they have multiple policies. Here are some tips for car owners to save money on the insurance and also get the coverage to cost combination right.

Approach the same insurance company for the fleet

If you have a fleet of cars then you could go for a group policy. This has multiple advantages. Firstly you will get a discount on the policy. Secondly you will be one of the premier customers of the company, due to which you will receive value added services and additional attention. Most importantly, the process of getting coverage in case of claims will be really easy given that you own a lot of cars and could easily mean lot of business for the company.

Deductible

This is another important parameter that you will have to fix when you are going for a group insurance. Deductible is the amount of money that you will pay out of your own pocket for damage costs. This deductible shouldn’t be too high, because you might end up paying a lot in case of unforeseen natural disasters. At the same time, choosing a lot deductible would mean you will end up paying a lot of premium on all your policies.

Collision and comprehensive coverage

Depending on how old or new your fleet of vehicles are and how expensive, you need to decide if you only need the basic insurance or you want to go for collision damage and comprehensive coverage. If the cars are old, the cost of the insurance might not really be worth it and it is better off taking the risk of paying the cost yourself, if at all you need it.

The cost of the cars

Owners would be aware of the fact that cars which are less expensive and more rustic will need fewer premiums than cars which are expensive. This is why auto insurance for a family sedan is cheaper compared to the SUVs. Similarly cars which have anti-theft devices and other systems installed for the protection of the car, will get auto insurance for less. Therefore spending a little bit extra to install navigation systems will help save money on the insurance.