Comprehensive insurance is one of the most required coverage options by lenders, this coverage will protect your car against non-collision damages like hurricanes, theft, or vandalism among others. However, Comprehensive Insurance cost varies depending on many factors. For example, your zip code, your car specs, your driving records or your claim history among others. The key to lower your Comprehensive Insurance costs without sacrificing your coverage, you only have to continue reading. In this article, we'll share 8 practical tips to help you save money on your comprehensive insurance premiums.
1. Shop Around and Compare Quotes
Shopping around is one of the best and cheap ways to find the best comprehensive coverage rates, just request 4 or 5 quotes from different car insurers, this way you will be able to see which is the best comprehensive Insurance policy for you at the best price.
You can always use any online compare car insurance tools on the Internet. Remember: car insurance rates will vary significantly from one car insurer to another, another good way to look for cheap comprehensive insurance rates is go call an independent car insurance broker, its price would be higher due they often add their commission on your policy price, but that broker will do the hard job for you.
2. Increase Your Deductible
When you buy a Comprehensive Insurance policy, you have to choose your deductibles. In a nut-shell, your deductibles is the amount of money your car insurer will deduct from your check after you suffer and accident. For example, you suffer an accident with your car, and your repair bills cost $2,500, let’s say you set $500 deductibles, so you will receive $2,500 minus your deductibles ($2,500 - $500 = $2,000) that equals $2,000, that’s what you’re going to receive.
3. Bundle Your Insurance Policies
Many car insurers offer discounts for bundling your comprehensive insurance with your homeowners or rented insurance or even your life insurance. When bundling your policies, you’re not only saving some money, but also you’re managing your car insurance premiums more efficiently, meaning you only have to do 1 payment every year.
4. Be a good driver
Your driving record is one of the main factors that will make you pay more or less for your Comprehensive Insurance premiums. If you’re a good driver you will be able to apply for good driver discounts and/or you will receive accident forgiveness. In the other hand, if you’ve several tickets, or you suffered some accidents, then your drivinv records will make you look like a high-risk driver, meaning, you will pay move for your premiums. Remember, most states will omit those accidents or tickets after 3 to 5 years, so if you still have any past accident or ticket in your driving record, you can always complete a safe driving course, once you complete it, your car insurer will give you a small discount that often to reach up tp 9%.
5. Install Safety Devices
If you install safety devices in your car, you’re making one of the best things to lower your premiums. The main reason why is Comprehensive Insurance will cover theft, so if you install an anti-theft alarm, your car will be more protected against theft, making you pay fewer premiums. Other anti-theft devices you can add are steering wheel locks or GPS tracking systems.
6. Choose a Car with Lower Insurance Rates
That may look like quite stupid, because when you request a loan to buy a new car, you expect to buy a good looking and expensive car. The problem is some models may be more expensive to insure than others. For example, you may want to insure a new Chevrolet car, but you should know Chevrolet Blazer is more expensive to insure than a Chevrolet Equinox. Some brands are always more expensive to insure like Bentley or Acura. Sometimes it’d be good idea to compare the rates from several Car Insurance Companies before buying your new car.
7. Pay Your Premiums Annually
Many insurance providers offer discounts for paying your comprehensive insurance premiums annually instead of monthly. If you have the financial means to pay your premiums upfront, this can be a great way to save money over time.
8. Review Your Coverage and Limits
Periodically reviewing your coverage and limits can help ensure that you're not overpaying for comprehensive insurance. For example, if you have an older vehicle that's paid off, you may not need as much coverage as a newer car. Speak with your insurance provider to review your policy and make any necessary adjustments.
FAQs
Q: How much can I save by increasing my deductible?
A: When you increase your deductible, you’re sending a clear message to your car insurer, you won’t file claims that lightly. When you set high deductibles, your car insurance knows you will only set necesasry claims, but they know you will have to pay more for your repair bills, making them lower their rates.
Q: How can bundling my insurance policies help lower my comprehensive insurance cost?
A: Bundling your insurance policies can help you save money on your comprehensive insurance cost by qualifying you for discounts. Many insurance providers offer discounts for customers who have multiple policies with them, such as home and auto insurance.
Q: Can installing anti-theft devices really lower my comprehensive insurance cost?
A: Yes, that can help reduce the risk of theft and lower your premiums. Many car insurers offer discounts for installing anti-theft devices, you can check this on every car insurer’s main website or just browing the car insurance website following with “discounts”, and you will know if that car insurer has safety devices’ discounts or not.
Conclusion:
It's not that hard to lower your Comprehensive Insurance premiums, you only have to follow these practical tips: shop around, request 4 or 5 different car insurance quotes for your comprehensive coverage, this way you will be able to compare it properly, if your budget allows it, increase your deductibles, bundle your renters/homeowners policies, be a good driver and you will pay less premiums, install anti-theft alarm so your premiums will decrease too, don’t forget to pay your premiums or just check your policy coverage and its limits.
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