Even if you live in a city well known for high car insurance rates, you don’t have to pay an arm and a leg. If you’re switching car insurance providers, use the following five tips to help you become a smart shopper:
Compare Your Coverage
A small number of insurance companies are known for offering rock bottom premium amounts to their customers. When shopping for insurance, examine coverage from your current insurance company to see how it’s different from the one who’s offering you a lower quote. While getting less coverage isn’t necessarily a bad thing, protect yourself in areas that you need the most. It is important to do your own comparison shopping and research to become in an informed insurance shopper.
Examine Discount Options
Have you been a good driver lately? Are you a member of any special union or organization? Ask about every available discount to see what you qualify for. According to the Calgary insurance brokers of Thomson Schindle Green Insurance & Financial Services, many consumers skip over the special discounts section when shopping for insurance because they assume they don’t qualify. A smart shopper never assumes anything. The best way to check if you qualify is to call the insurance company yourself.
Understand Your Vehicle’s Features
Do you really know if your car has ABS brakes or what type of alarm it came with? Some insurance companies ask about more than ten extra safety and security features that may be on any vehicle. Familiarize yourself with every feature on your car. From the type of alarm you have and special warning stickers on your window to the location of your VIN number, every small detail matters when trying to save money on car insurance. Your insurance is often determined by how big of a risk the insurance company sees you as. The safer your car is (and the more you know about the features,) the more likely you are to get a lower price.
Multiple Policy Discounts
Multiple policy discounts apply to policy holders who have one or more policy with the same company. Before you move your car insurance over to a different company, check to see if your homeowners or renters premium will increase. You may find that, while choosing a different company for your car insurance can save you money on one policy, you might end with an increased premium in another category.
Higher Deductibles
If you’re buying more than just liability insurance but are still looking for an easy way to save money, buy a plan with high deductibles. Choose the highest deductibles you can afford. The difference between a $500 deductible and a $1000 can be more than $20 per month. Make sure you can pay this deductible in the future should something happen to your vehicle.
The best way to be a smart car insurance shopper is to examine every last detail before you commit. Small hidden clauses could have a major impact in the future. If you’re not careful enough, you might end up paying hundreds more in premiums every year because you missed a simple discount option.
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