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Looking to save money on your car insurance? Here’s how.

2012-08-28
By: Advocate Brokerage

In today’s economy, people are looking to save money in any way possible. There are a variety of ways to control insurance costs, especially in regard to automobile insurance and part-time drivers.

Do you have a son or daughter in college who drives only during vacation months? Are there multiple cars sitting around in your driveway getting limited use? If so, you should consider re-evaluating your auto insurance policy.

Insurance companies more and more are tailoring policies to the individual customer. Auto insurance rates typically depend on many factors, including the age of the driver and policy holder, vehicle make, driving record, etc.

But how and when a car is used also plays a big role in rating a policy. Some policies allow a specific vehicle to be added or removed up to four times within one year, allowing for lower payments when the car is not in use. This is a great option if your son or daughter drives only during specific periods, such as winter and summer breaks..

If this description fits you, we at Advocate Brokerage highly suggest you take a look at your policy and consider options that will help you save money.

Insurance companies offer discounts for a variety of scenarios; however, you may have to ask for them. That’s where an agent who knows you and your circumstances can be of great benefit.

  • Below are some important options for you to consider, provided by Insure.com, to reduce the overall cost of your insurance coverage:
  • Higher deductibles: While it may cost you more out of pocket should a collision occur, your annual payment can be significantly reduced with a higher deductible.
  • Drop collision on older cars: If you have an older vehicle, consider how much it is worth and how much you would receive if it were to be “totaled” in an accident. Is it cost-effective to pay for very limited coverage?
  • Mind the model: When purchasing a new car, consider the insurance cost. You may find that the expense of insurance coverage for a specific vehicle drives your ownership costs out of sight.
  • Car-safety discounts: Some insurance companies have discounts for having specific safety features in your car. Ask your provider for details.
  • Good credit: Keep in mind, if you maintain a good credit rating, it may affect your insurance rates in a positive way.
  • Good-student discounts: Many insurance companies provide a discounted rate for your teen driver if he or she maintains certain minimum grades in school. Ask your provider for the details and if your child meets the qualifications.

If any of these options apply to you, and you want to make sure they are reflected in your policy, let us know, and we will work to get you the best rates for you and your family.

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