Wouldn’t it be nice if the money you budget for transportation could all go to the payment on the luxury vehicle of your dreams? Of course, the reality is that you need to set aside an amount for car insurance, and that can make a difference in the vehicle you end up purchasing. Since you wouldn’t want to purchase a vehicle only to lose it should something happen, it makes sense to strike a balance between the cost of the vehicle and the insurance coverage, so you can enjoy reliable transportation with peace of mind you are covered if something goes wrong. Here are some tips to lower your car insurance premium that can help you get the best car possible.
1. Check the premium before completing the purchase. There is a very complex process involved with determining car insurance premiums, and part of that rests with the vehicle itself. Factors such as ease of finding replacement parts, statistics regarding theft and mechanical failures leading to accidents, and replacement value are put into consideration. If you call your agent from the dealership, they can give you a quote so you can have the information you need to stay within your budget for the vehicle and the insurance together.
2. Decrease the number of miles you’ll put on the vehicle. Premiums are partly based on how much you drive your vehicle. Ways to decrease mileage include moving closer to your job, shopping nearby your home, carpooling, using public transportation when feasible, combining errands, and renting a car when taking longer trips.
3. Get your different insurance policies with the same company. There can often be significant discounts when you bundle coverages, such as getting both home and car insurance with the same company.
4. Assess your risk tolerance. If you could afford to pay for some of the coverage items listed on your car insurance policy out of pocket, consider removing them from the policy. While you must carry full coverage when you owe money on your vehicle, once it is paid off, you may want to make some changes depending on your risk tolerance.
If you have questions about auto insurance or would like to make an appointment to discuss how to lower your rates, don’t hesitate to contact us at Jamieson-Hilts Insurance Brokers, Ltd. We are always happy to discuss your situation and your specific circumstances so that you have the insurance you need at the best cost. Call us today to learn more.