If you're auto insurance is just too expensive for you to afford, there are some things you can do to help ease that burden. You may not like some of my advice, but it's the right advice.
A very large part of your insurance premium is the physical damage to the car itself. Raising deductibles will lower your premiums somewhat. Ask yourself if you really need to cover the physical damage at all. If it's an older car and you own it outright, this could be an option. Before you do this, however, understand that, if your car is damaged, the insurance company will not pay to fix it.
One thing not to do is to lower your bodily injury liability limits. You won't save very much and you'll be putting everything you own at risk, including your income.
Here's the advice you may not like: Perhaps you have too nice a car for your budget. If that's the case, get a less expensive car. Then, when your finances(or your driving record) allow, you can always get a nicer car.
Talk to an agent you can trust. They can give you advice on these questions as well as others. It also helps if you check rates on a car before you buy it. Everyone loves getting a new car. You just don't want an unpleasant surprise when your insurance bill comes.
Auto insurance should be there to cover your financial needs for an accident. The most expensive insurance you can buy is buying down you deductible. I usually recommend higher collision deductibles in order to adequately insure your liability risks. I would be happy to discuss with you over the telephone or in person.
Agency Owner, The Thomas G Sheehan Agency, 27 Glen Road Sandy Hook, CT 06482
Managing auto insurance premiums can be done by working with your insurance professional. There are two primary elements of a car policy - the Physical Damage part (Comprehensive and Collision) and the Liability part. Check the value of your car. NADA or Kelley Blue Book are great sources. If the deductible, and the annual premium that you are paying, when combined, are disproportionally high to the value of your car, perhaps it is time to consider removing at least Collision. Of course, you also have to ask yourself if you have the financial where with all to replace that car if "totaled".
Liability protection is there to cover your financial exposure -income, home value, net worth etc. You can always adjust the coverage to meet your needs, but remember that the situation may call for an increase in coverage rather than a decrease. Regularly review your particular situation with your insurance professional.
Business Development Officer, T.D. McNeil Insurance Services, Fresno, California
If you really are interested in driving down the cost of insurance I recommend that you raise your liability limits, reduce the deductibles to the minimum amount and maintain an impeccable alcohol free driving record. When you have an accident you will realize how much you have saved because your policy will take care of you and not leave you looking at bills, lawsuits and unrepaired vehicle damage.
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A very large part of your insurance premium is the physical damage to the car itself. Raising deductibles will lower your premiums somewhat. Ask yourself if you really need to cover the physical damage at all. If it's an older car and you own it outright, this could be an option. Before you do this, however, understand that, if your car is damaged, the insurance company will not pay to fix it.
One thing not to do is to lower your bodily injury liability limits. You won't save very much and you'll be putting everything you own at risk, including your income.
Here's the advice you may not like: Perhaps you have too nice a car for your budget. If that's the case, get a less expensive car. Then, when your finances(or your driving record) allow, you can always get a nicer car.
Talk to an agent you can trust. They can give you advice on these questions as well as others. It also helps if you check rates on a car before you buy it. Everyone loves getting a new car. You just don't want an unpleasant surprise when your insurance bill comes.
Keith Prim
Dallas -214-435-0791
Liability protection is there to cover your financial exposure -income, home value, net worth etc. You can always adjust the coverage to meet your needs, but remember that the situation may call for an increase in coverage rather than a decrease. Regularly review your particular situation with your insurance professional.