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Maximize Car Insurance Savings

To maximize car insurance savings, drivers need to know all the different ways they can work to save money. The premiums we pay for our auto insurance are based on many different factors. There are certain factors we can't do anything about, such as our age or gender. But there are other factors motorists can change or work to counteract in order to save themselves some money on their rates - for example, simply being above a certain age can result in senior insurance discounts on your policies. To maximize your car insurance savings and find the lowest rates, understand the variables auto owners can do something about and swing premiums in your favor.

Auto Insurance Discounts

In some ways, we are bound by the risk factors we represent and the demographics we fit in. But there are definitely some ways motorists can work to cut down on their auto insurance costs by taking advantage of existing offers. Discounts are a prime example. Many drivers assume their auto insurers will offer them all discounts they're eligible for automatically. But this assumption is dubious at best. A savvy consumer will do the research necessary to find out exactly what discounts an insurer offers and what each discount requires. If you know you're eligible for a discount you're not getting, don't be afraid to ask for it.

Young drivers are the ones who pay the most for their insurance, and they're classified at the highest levels of risk. Yet even teens can snag some discounts and save on their premiums. For example, many (though not all) insurers offer some version of a good student discount for young unmarried students under the age of 25. This discount usually takes some flat percentage rate off of the total premium either for the whole policy or for some part of it (such as the comprehensive and collision premiums). Eligibility can vary, but normally is tied to academic performance and full time enrollment in high school or college.

On the other end of the age spectrum are seniors. Senior citizen drivers often have much different patterns of automobile use after they retire. In a lot of cases, their total mileage driven goes down, they are not behind the wheel in rush hour traffic nearly as often, and they do not venture as far from home as younger drivers. All of these factors lower the risk of accident or other claims. For this reason, some insurance companies offer some sort of age or employment based senior discounts. Eligibility simply requires being retired and/or hitting a minimum threshold age. Interestingly enough, seniors often end up seeing their rates creep back up as they get older, even if they drive less. Some insurers will not insure a driver over a certain maximum age. So it pays for seniors and for drivers of all ages to stay on top of these things and to be aware of their provider's policies and the discounts they offer. Do not just assume that you are already getting a company's best deal. There is a strong possibility that you could be saving more.

Cheap Auto Insurance Tips

Drivers can save more on their car insurance, even on non-traditional policies like company car insurance, in a number of ways. Some of the little things you do can really add up to big savings. For example, policy holders can seek out multi policy discounts by bundling their auto insurance with life, home, or renters policies. These discounts can save you on both policies, making them even more valuable. Keeping claims numbers down is another key. If you experience minor damage to your car, consider paying for the repair out of pocket, or leaving it alone. Over time, a pattern of no claims keeps rates low, and can actually lead to a no claims discount from certain insurers.

And in the same way, having a willingness to forgo small claims can also be reflected in drivers taking on higher deductibles in their policies. Electing higher deductibles for your collision coverage, for example, allows the insurer to get out of smaller claims entirely. This reduces the average administrative cost of a policy, and results in savings passed on to the driver. Save money right off the bat by increasing these deductible levels, but be aware that in large claim circumstances the deductible amount will have to be paid out of pocket. Be sure to set aside enough money to cover that full amount if need be.

And of course, driving safely and avoiding accidents will save drivers money in multiple ways. First, the immediate cost of dealing with an accident is avoided. The deductible payment, plus any citations, court and legal fees, and excess liability payments above the limits of your policy are all possible financial outcomes of an at fault accident. Keep safe on the road and avoid accidents and moving violations to help you maximize car insurance savings.

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