Auto insurance is mandatory. There are
options, and with the average North American paying around $1,500 per year in
auto insurance, it is something worth shopping around for - maintain what you need and save money.
How
to lower rates Ask about lowering
your rate. If you've received traffic tickets, it probably won't go in your favor. But if your driving
record is clean and you've made payments on time, your company may be able
to work with you on a better rate to keep your business. If they don't, look around. Insurance companies are competitive
and you can probably find a lower rate out there somewhere. Make some calls,
see if you can bundle your other insurance policies together to save.
Boost
your deductible and letting collision insurance go? Consider asking your carrier about increasing your
deductible. If you get in an accident you will have more out of pocket expenses
- but it may be something you are
willing to risk to save on your policy. If your car is older, you may no longer
need collision insurance. Think about if your coverage is worth paying for
depending on how much your car is worth when also deciding if you should
pay for your car insurance yearly or monthly? If you are on a tight budget,
monthly may be better for you if you don't have the annual cost available. You
may be hit with some service fees and interest, so if you can do it, annual
payments will save some money. Find out,
though, before you stress on how you're going to make one giant payment,
because the savings may not be worth it. If an annual payment is going to force
you to put other payments on credit cards and accrue interest, it's probably
not a good idea. Sometimes insurance
companies will also offer discounts to those customers who pay in full. So if
you are getting an initial 10-15% discount along with saving $10 or $15 a month
on service rates, you may be looking at a savings of a few hundred dollars a
year - that could be worth it.
About
the Author: Heather Legg writes on a variety of topics, including wellness,
social media and saving money.
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