Yahoo! Finance has highlighted some information regarding auto insurance from the Insurance Information Institute that can save you some money. Some of these are common sense, but others may be things to look at when it comes time to renew your auto insurance.
The Insurance Information Institute has nine suggestions to help you save on your auto insurance policies. Auto insurance premiums can vary from company to company and from coverage to coverage, so be sure to shop around.
1. Comparison shop.
Use consumer information provided by your state’s insurance department. Where they’re available, insure.com has published state insurance department auto rate guides. These guides tell you what coverages you need and show you sample rates, usually from th
e biggest companies. Visit your state’s page by choosing your state from the menu at the top of this page.
2. Ask for higher deductibles.
When you file a claim, a deductible is the amount of money you pay before your insurance company kicks in. Higher deductibles mean lower premiums. For example, increasing your deductible from $200 to $500 on collision coverage could reduce your cost by as much as 30 percent.
3. Drop collision and/or comprehensive coverage on older cars.
If you own a car that’s worth less than $1,000, you’ll probably pay more for the coverage than you would ever collect on a claim. Your bank can tell you how much your car is worth, or check out the Kelley Blue Book.
For more, check out: Nine Ways to Save on Your Policy
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Filed Under: Insurance
About the Author: Jeremy Vohwinkle is a Chartered Retirement Planning Counselor® and spent a few years working as a financial planner. Today, he helps people make the most of their money by writing about personal finance here and elsewhere on the web. Jeremy is also Coach at Adaptu and a regular contributor for other publications such as Intuit, and American Express. Be sure to follow Jeremy on Twitter or Google+.