Reviewing Your Auto Insurance Policy: Ways to Save Money
Smart Ways to Save on Your Auto Insurance
Reviewing your auto insurance policy is one of the best New Year's resolutions you can make, because having adequate insurance will help protect you and your family. Over the past 40 years, I've seen the hard times accident victims experience, and I hope you never have to suffer like that.
Hopefully this blog series has helped you to understand more about certain types of auto insurance coverage available in Pennsylvania. Please feel free to share them with your friends and family, and to reference them often:
- Reviewing Your Auto Insurance Policy Part 1: Recommended Coverage
- Reviewing Your Auto Insurance Policy Part 2: Bodily Injury Liability and Medical Expense Benefits
- Reviewing Your Auto Insurance Policy Part 3: Full Tort vs. Limited Tort
- Reviewing Your Auto Insurance Policy Part 4: Uninsured and Underinsured Motorist Coverage
While adding coverage or increasing your amount of coverage helps to protect you in the long run, it can add a financial burden. The good news is that there are various car insurance discounts available for people with certain types of vehicles, safety features, drivers with good driving records, and even students with good grades.
You may be eligible for discounts if:
- Your vehicle is equipped with passive seat belts
- Your vehicle has one or more air bags
- Your vehicle has a passive anti-theft device
- Your vehicle has an anti-lock braking system
- Your vehicle is a standard model, versus a sports or high performance vehicle
- You have an excellent or superior insurance score – credit rating
- You are a teenager who passes an approved driver's education course
- You have high valued vehicles (agreed value) – some carriers give superior risk credits
- You are 55 years or older and take a driver improvement course
- You are a safe driver with a good driving record
- You hold multiple vehicle policies (including company cars)
- You have low mileage vehicles used for limited miles during the year (such as a collector vehicle)
- You maintain higher deductibles for Comprehensive and Collision Insurance coverage
- You have automobile and homeowners insurance through the same carrier
- You are a low mileage driver
- You are a student with good grades
- You are an alumnus from a certain college or university
- You are a youthful non-principal driver (such as students who are over 100 miles away from home)
- Check with your insurance company representative to see if you qualify for any of these discounts, or get quotes from other insurance companies. Don't be afraid to shop around for the insurance company that will give you the best price. Insurance premiums can vary by thousands of dollars.
Collision and Comprehensive Coverage Deductibles
Another way to lower your premium is to ask for higher deductibles on Collision and Comprehensive coverage, or drop this particular coverage on older cars worth less than $1,000. Even minor collisions can cost a lot of money in repairs, so you may reach your deductible more quickly than you might expect.
Any time you have questions about insurance coverage, I encourage you to download our free e-book, For Pennsylvania Drivers: How to Choose Auto Insurance, or refer to our auto insurance section on our website.
I hope everyone stays happy, healthy, and accident-free in 2013.