Although most people would agree that they don't like spending so much money on their auto insurance policies, the truth is that some people pay a lot more for car insurance than they should. Since you're probably always looking for ways to cut costs and save money, it's important to make sure that you are paying the minimum possible cost for your auto insurance policy. Luckily, looking for these five signs is a great and easy way to determine if you are spending too much on your policy.
1. You Make Monthly Payments
Although your insurance payments might be easier to swallow when they are paid monthly, most insurance companies charge extra for those who don't pay every six months or year. Ask about how much you can save by paying a lump sum at once; you might be surprised by the price difference.
2. Your Deductible Is Really Low
Although the idea of a low deductible can be comforting, it can also be costly. In many cases, the savings that you will see in your annual premiums will be significantly more than the difference in deductible, so consider raising your deductible a little bit to lower your out of pocket expenses.
3. Your Entire Family Is on Your Policy
Don't assume that every member of your household should be on your policy. If you have a family member who does not drive but who has a driver's license, for example, consider inquiring about a non-owner's insurance policy that is separate from your family policy. If you have a teen driver, consider putting him or her on a separate policy so that you don't have to pay a higher rate for all of your vehicles. Also, consider inquiring about taking any college-aged drivers off of your policy if they are away at school.
4. You Haven't Asked About Discounts That You Qualify For
Don't just assume that your insurance company will give you all of the discounts that you qualify for. You can get discounts for things like taking a defensive driving class, serving in the military, and more, so ask about all of the discounts that your insurance company has to offer. If you qualify for one or more of them, you might see a rather significant change in the price of your policy.
5. You Never Shop for Quotes Anymore
Although you probably shopped around before you settled for your existing auto insurance provider, there's a chance that you are paying too much if you don't shop for new quotes every time that you renew your policy. Insurance rates go up and down all the time, and the company that was cheapest a year ago might be one of the more costly options now. Use an online quote finder to get quotes from different companies, and consider asking your existing insurer to match any better rates that you find. If it won't, then it might be time to switch if you want to save as much money as possible.
There is a good chance that at least one of these signs applies to you and your auto insurance policy, such as with Colling Insurance Services, Inc., so consider making changes where necessary. Even if it doesn't seem like it, sometimes a few small tweaks to your policy can help you save quite a bit of money.
Share28 October 2014
