I certainly don’t intend to turn this into a “how to save money on transportation” blog, but there’s a lot of interest and information out there right now due to increased gasoline costs. Suze Orman has a list of ten ways to drive down your car costs. These are all methods of reducing your auto insurance costs, and they include:
- Boost your deductible — a higher deductible produces lower costs.
- Get less mileage out of your policy — be sure that your insurance policy accurately reflects the number of miles you drive.
- Home in on a discout — carry car insurance and homeowners insurance through the same company.
- Couple up on your policy — be sure that you and your partner carry a combined policy.
- Get defensive — defensive driving courses often reduce premiums.
- Put your degree to work — some insurers offer discounts for advanced degrees or for specific professions.
- Play group — some professional associations and other groups are able to obtain group discounts.
- Slow down — an unblemished record can bring discount as much as twenty percent!
- Give yourself credit — your credit record can actually effect your insurance premiums!
- Make the grade — when you add your children to your policy, their grades play a role in your rates.
Though I’m not a high-risk driver, I admit that I’ve never shopped around for insurance. My family has used the same small-town insurance agent for thirty years. I’m 37, drive a 2000 Ford Focus, and pay $50/month in auto insurance, and have no idea whether this is a lot or a little. I’ll have to do some research in the coming weeks.
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50 a month is nothing; nj has the worst car insurance rates ever, my wife and i are typical drivers, not perfect, not insane with tickets, and we pay over $200 a month for 2 cars, with a high deductible..
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I know this article is from a while back. I tried shopping my auto insurance calling all the big name companies (Progressive, Geico, Allstate, State Farm, AIG) and found their rates nearly identical….varying maybe $50 (my rates were $375-425) on a 6 month policy. However, where I did find significant variation was the homeowners policy. There was a huge variation (statistically significant for the actuary/stats folks). I found they varied from $500 to $1200 per year. As the article says, there is a savings discount when grouping (though Progressive doesn’t have homeowners), so you really need to get quotes on both to understand the full picture.
Mike
http://www.potus2100.com
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try getting insurance in Philadelphia. I pay $220/month for 1 newish(2005) car with a clean driving record
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I have learned one valuable lesson regarding auto insurance over my 50+ years of driving. Find a good independent agent and stick with them. They can offer insurance from a variety of companies. Then make sure they know that you insist that they update and shop your total insurance needs every year. I have been stubg twice by buying from one of the barnd name agents like State Farm. My experience has been that once they have you, it is too easy to just slowly raise your rates year after year. The second problem is that the agent represents the company (their employer) first and you the buyer second. If you call with a question about the insurability of a claim, they will almost always report the issue to their employer. This can result in a black mark on your record even if you do not file a claim.
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