Five Car Insurance Savings Tips

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If you’re currently on the prowl for a New York car insurance quote, odds are you aren’t searching for the highest premium you can find. To help you along the never-ending quest of saving money, here are some handy tips for reeling in the cost of car insurance.

1)    Compare rates

Shopping around for insurance can be a headache, but comparing rates from different companies is bound to net you a lower cost than simply going with the first you find. If you really feel active, you can use the rates from one company to bargain with others. Take a quote from one company and ask another if they can beat it. If you’re already insured with a company and adding more cars, they may offer multi-policy discounts, so make sure to ask about that too.

Of course, there’s more to an insurance company than the price on the premium. You don’t want to file a claim with a company only to hear they’ve filed for bankruptcy the next day. Check financial health ratings through Standard & Poor’s and ask your friends and family for their experiences.

2)    Consider car insurance when purchasing a car

If you already own a car this point is a little late, but consider the cost of insurance when buying a new car. Vehicles with safety features like day-running lights or anti-theft devices are cheaper to insure.

3)    Pick higher deductibles

If you can do without the added peace of mind, selecting a higher deductible will lower your insurance premium. Deductibles are the amount of money you pay before insurance covers the rest, so increasing this amount reduces the risk, and thus the cost, of your policy. Just make sure that you have the money set aside to cover a deductible if necessary.

4)    Reduce coverage on older cars

Cars drop in value quickly and steadily, to the point that you may be carrying more insurance on a car than it’s worth. You can find the value of your car in Kelley’s Blue Book, and the general rule of thumb is that your premium times ten should be more than your car’s value. If it’s less, you may want to cut out some coverage or go with liability.

5)    Maintain good credit

Insurance companies often use credit ratings when forming insurance quotes, so keep yours low by always paying bills on time and keeping your standing credit card balances low.

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