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| Advice On Keeping Car Insurance Premiums Low |
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| Written by Susan Reynolds |
| Thursday, 05 November 2009 09:05 |
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In these kinds of rough economic times, you want to save wherever you can. One of the most obvious places where you would want to save is in your car insurance premiums. But so many factors influence premiums, and all too often you seem destined to pay more and more as time goes on. Don't give up! You, too, can save on your car insurance if you're willing to put in the effort to become a low-risk driver. By doing your best to be a safe driver, car owner, and insurance policy holder in all aspects of your life, you can save in many different ways and enjoy the same great coverage with more spending freedom. Note: Although your auto insurance risk score is not available for you to examine, it will be somewhat like your credit score. If you've had unfavorable activity on your credit score recently, it is best to wait a month or so for things to return to normal before purchasing auto insurance. Another factor in determining your premiums is your car itself. Most auto insurers have a system developed by Car Insurance Services Office that factors age, make and model that begins with the cost of your car and then adds in safety factors and theft statistics. Just like your "insurance risk score" this rating information is not available to the consumer. Another thing you can do, and frankly you should be doing it anyway, is to avoid accidents on the road. Besides the expenses involved in the accidents themselves, car insurance companies will unflinchingly raise your insurance premiums up if you're proven to be at fault for a recent driving accident. If this has already happened to you, then don't despair. You can still work your way back down to lower premiums, it will just take a long time of driving safely. Avoiding accidents and other traffic altercations will save you money and trouble in every possible way. In the event of an accident contact your insurance company about its forgiveness policy, if any, and see whether or not you qualify. Some companies have a policy of forgiving each client's first accident. Some companies will forgive the accidents of certain qualified clients. You should also be aware that if a friend, using your car, gets into an accident then you will have to file a claim with your insurer. If your friend is uninsured and causes damage that exceeds your coverage then you may be held liable for damages. Each auto insurance company figures the worth of a vehicle in a different manner. All of them keep their own lists of car values (like the Blue Book list). Some companies may ask local car dealers what they'd charge for a particular vehicle. Gap insurance might be worth purchasing, as it might pay the difference between what your insurer will pay and what you actually owe. Keep any maintenance records you have, especially of oil changes and routine checks by a qualified mechanic, or special parts, or upgrades. These will be factors in figuring what gap insurance will pay. Did an uninsured motorist hit you? You can try to recoup all the cost of your damages by "stacking" if your policy allows it. Stacking means you would collect UM/UIM (uninsured motorist coverage) for each vehicle covered - even it they are covered on different policies. You can make a claim for each car and/or policy until you recover all (or most ) of your damages. If you are the parent or legal guardian of a licensed teenager who will be using your vehicle, then you must remember to inform your insurance company of this. If he or she gets into an accident and your insurance company hadn't been informed, they are entitled to charge you back premiums from the date the teenager became a licensed driver. You must also remember to officially cancel your policy in the event that you switch insurers. You officially notify them by informing them in writing of your decision to terminate your policy. Make sure you give the exact date you want coverage ended, or you may find yourself without any coverage, before your new policy comes into effect. This is easiest to do by calling them and talking with an agent. Once you have informed them they will send you a cancellation request, already filled out and requiring only your signature. About the Author: Susan Reynolds is the webmaster for a leading South African Insurance provider who specialises in Car Insurance. Kindly provided by LJ-Marketing.dk You are welcome to use this article on your own website, if you include the link just before this text. |
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