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8 Best Way to Save Money on Car Insurance
If you’ve always longed to be called a hacker, here’s your chance. I’ve got 8 of the best ways to cut your car insurance costs. Think of yourself as a smart, savvy consumer who is hell bent to save your money. And wow, when it comes to saving money, car insurance is a biggie.
I showed in this post how I got an online insurance quote of $1700 less per year. Over 6 years, it’s a savings of $10,000. With that, I can take a vacation.
Car insurance is one of those insidious expenses that we don’t think enough about but if we put a little effort into finding a better policy, we’ll have quite a bit more money at the end of the year.
Auto Insurance Buying Tips
Auto Insurance Buying Hack #1: Use Google for 4 hours and ensure you get quotes from at least 10 insurance brokerages.
Car Insurance Buying Hack #2: Buy your insurance online. Don’t phone. Progressive companies who pay out fast on claims will also have a good online quote tool and they stand behind their car insurance quotes.
Insurance Buying Hack #3: If possible, buy your other insurance coverage such as homeowners, renters, and boater/motorcycle insurance coverage with that insurance broker too.
Insurance Buying Hack #4: Use a brokerage because they’ll work harder for your money. If there’s quick adjustments needed or you need to change providers, they can advise you as they’re also always experienced and not biased like insurance company agents will be.
Auto Insurance Buying Hack #5: If you’re a good driver who doesn’t drive like a maniac and reckless abandon, use the $1000 or more deductible. It’ll save you quite a bit.
Auto Insurance Buying Hack #6: If your car is an old beater, consider eliminating your collision coverage. This isn’t an easy one, however if your car is worth $2000, you won’t be getting much if you have to make a claim.
Auto Insurance Buying Hack #7: Buy the right car or SUV, as I mentioned in this post on car insurance, some brands and vehicles such as the Honda Odyssey or Jeep Wrangler offer very cheap insurance rates. This could get your insurance rates way down!
So there’s my top car insurance buying tips for this year.
Auto Insurance Savings Hack #8: Ask for usage-based insurance coverage. This is called telematics by the insurance brokers and they’re certain to have a good provider in their stable. The insurance company will install a device which tracks you by GPS. They’ll note your speed, how you brake and accelerate, and other driving habits. This helps create a mood of control and poise in drivers because they feel they’re being watched or monitored. The fact you’re willing to do this means you may be a better driver and they may offer you lower rates. They want to keep good drivers and drop the bad ones. Simple business success for the insurance companies.
Save Money Driving in Your City
The forecast for lower mortgage rates is only for the next year. When the economy picks up 2021, rates will rise again. If Trump wins and the multinationals are forced to bring production back to the US, capital investment will boom, with higher paying jobs, more housing construction, and higher inflation the result. In 2021, the US could be in boom times again.
Car Insurance Buying Mistakes
Sometimes, costs come in the form of other mistakes. Here’s some tips on big mistakes to avoid:
Check out some other lifehacks in this infographic from SparkInnovation.