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Women and car insurance: ways to save

According to national statistics, women pay less for car insurance than men. There are a number of good reasons for the price difference – women are safer drivers and file fewer claims. If you’re a woman, you probably look forward to the savings on your policy. But did you know there are other ways to save on your insurance? Listed below are more ways to save.
Understand your policy The first to saving on your car insurance is to know what you’re paying for. List every component of your policy along with the accompanying cost. Keep the ones you need and remove the ones you don’t. Ask your agent to explain the terms you don’t understand if you’re not sure what you’re paying for.
Ask for discounts There are dozens of discounts available for car insurance. If some of them are applied to your policy, it will take a huge chunk out of the cost of your premium. Some discounts are common, such as anti-lock brakes, air bags and anti-theft devices. Others are not as obvious, and these are the ones you should look for. Non-smoker, senior, loyalty, safe driver and specialty group discounts are just some ways you can save 5-25% on your policy. Request a list of available discounts and ask your agent to apply them to your policy.
Increase your deductible Your car insurance deductible is the amount of money you’re willing to pay on your own if you’re at fault in an accident. Pay more and the insurance company will lower your premium. A simple $200 increase in your deductible can reduce the cost of your policy by 15-30%. Make sure that you set a deductible that you can comfortably pay in the event of an accident.
Review your credit Your credit will determine how much you pay for car insurance. People with excellent credit get the best quotes. If your credit has improved since your last car insurance quote, call up the provider and let them know.
Change your car Your car could be costing you more than you realize. Some cars cost more to insure than others, so if you’re shopping for a new car, get insurance quotes first.
Comparison shop You shouldn’t shop for insurance only when you’re buying a new car. Loyal customers, who auto renew and don’t ask for discounts, provide the bulk of the profits insurance companies earn. Instead of automatically renewing your policy, pick up the phone and call up competing providers to see what’s out there. Comparison sites also make it easy to compare and get the best car insurance rates.
Bundle your policies Bundle your auto insurance with your homeowner’s or rental insurance and you’ll save money. Put all the vehicles in your household on one plan for even greater savings.
Gillian Kearney is a personal finance consultant. She enjoys sharing her money saving tips and ideas through blogging.


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