HUNTSVILLE, Ala. (WAFF) -– With prices still climbing on just about everything, finding ways to save money is even more important. Have you thought about your auto insurance? In what ways can you save on that necessary expense? Now is a great time to review your policy to make sure you are getting the best coverage for the best rates.
WAFF talked to Tyler Brennen, an Insurance Agent with Redstone Insurance Services. He offers the following tips to get the best rate on your auto insurance.
- Bundle Multiple Types – a practical way to lower cost is to bundle home/auto/renters insurance with the same carrier.
- Ask for a Higher Deductible – If you go this route make sure that you can pay the higher deductible – usually $1,000. Most often, a lower deductible means higher monthly payments. A higher deductible means a reduced cost in your insurance premium. If you have a lot of accidents and claims, you’ll want a lower deductible. This means you’ll have to pay out less each time you have a claim
- Take Advantage of Safe Driving Discounts – Ask your insurer what safe driving discounts are offered to determine if you qualify.
- Improve Your Credit Score – Insurers believe there is a correlation between poor credit scores and more frequent claims. For that reason, a low credit score can increase your premiums. For example, motorists with old cars that aren’t worth much may find paying for collision coverage isn’t worth the money.
- Eliminate Unnecessary Coverage – Older vehicles that are paid for may not require comprehensive coverage. Review your policy and only keep what you need.
For more ways to save, be sure to tune in at noon every Friday for WAFF 48′s “Financial Friday” segment.
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Based in New York, Stephen Freeman is a Senior Editor at Trending Insurance News. Previously he has worked for Forbes and The Huffington Post. Steven is a graduate of Risk Management at the University of New York.