According to a recently conducted study, the U.S. is facing more uninsured drivers on the road. Experts say that more car owners are choosing to forgo their insurance policies to save money. With car insurance costing upwards of more than a thousand dollars, many Americans are dropping their coverage.
Analysts say that doing so can only lead to more financial problems and legal troubles especially if uninsured drivers get involved in accidents. With no insurance to protect them, motorists can lose their houses and other assets in the event that the other party decides to file a lawsuit.
Fortunately, car owners can do something about their high insurance costs. Experts say that drivers can ask themselves important questions to come up with money-saving ideas. They say that the key to getting special rates is to ask the right questions and decide based on their observations and conclusions.
For instance, car owners must ask themselves if they are carrying the right amount of coverage. Typically, older vehicles have no need for comprehensive or collision coverage. Experts explain that it would be cheaper for owners to pay for an aging car’s repairs rather than paying insurance companies. Doing this can mean slashing hundreds of dollars each year off insurance expenses.
Policyholders who have moved, gotten married, or bought homes can avail of special offers and lower rates from their insurers.
Drivers must also ask themselves if they can get lower premiums by increasing their deductibles. Expert say that by raising the amount that policyholders are willing to cover in the event of damage to the vehicles, they can save up to 30 percent from their insurance costs. Of course, these amount of savings can only be achieved by having deductibles raised to $500 or more.
Most car owners can also qualify for discounts. Most insurers give out special discounts for loyal customers, clean driving records, safety features on vehicles, and multiple policies. According to analysts, policyholders should keep in touch with their agents to keep abreast of these offers.
One more crucial question motorists can ask themselves is if shopping around can save them money. The answer is yes, say many experts. By comparing different policies and services from various insurance companies, policyholders can get hold of coverage that would suit their needs. They can also check if they qualify for special rates and discounts. Most insurers slash prices to attract new clients.