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5 Ways to Save on Auto Insurance

1. Shop and Compare Rates Every 6 Months
In 2008, if you check your car insurance rates in January, make sure your check them again in June. According to an independent study, people who compare rates and switch carriers at InsWeb.com save an average of $301* on a six month policy. Consider the savings over 12 months! Tickets or no tickets, you’re a different driver than you were last summer. Get updated quotes and see what your individual savings could be.

2. Select Higher Deductibles
Simply put, the higher your deductible, the lower your premium. Indeed the cost of an accident will be that much more expensive; however, if the damage is minor (grey zone in making accident claim), you’ll be spending the same out-of-pocket amount regardless.

3. Make a Cheaper Policy Even Cheaper: Don’t Pay in Monthly Installments
Additional administrative fees are commonly applied to payments when you split your premium in to installments (i.e. monthly, semi-annual, annual). Be aware that a monthly fee of even $7 can add up to $84 over 12 months.

4. Look for Multi-Line Insurance Discounts
The most under recognized car insurance discount results from the multi-line insurance policy: buying your auto insurance and your homeowners insurance from the same insurance company. According to the Insurance Information Institute, a multi-line policy can save you up to 15% on both premiums.

5. Collect on Your Good Driving
Most insurance companies reward good driving with lower premiums. In fact, in some states a good driving discount is required by law. If you haven’t had any accidents or tickets in the last three to five years, shop at InsWeb.com and see whether you are missing out on this money savings discount.

How to Determine if Your Home is Underinsured

If you were to lose your home in a fire, would you have enough homeowners insurance coverage to rebuild your home and replace your possessions? You’d also need a place to live while your home is being rebuilt.
Does your policy contain a Loss of Use provision that will help pay for hotel, restaurant and other expenses accrued while you’re displaced? Chances are your homeowners insurance isn’t going to provide you with enough coverage to resume the lifestyle to which you’ve grown accustomed should a disaster strike.