6/29/08

Three Ways to Lower Your Car-Insurance Premium

Auto-insurance premiums dropped last year for the first time since 1999, but only by an average of 1 percent. So getting that lower rate might still mean work. We looked at how insurers are calculating premiums these days — even your credit score can matter — and compiled a few tips.

Shop Once a Year

A little research can go a long way. Bob Hunter of the Consumer Federation of America suggests checking price ranges on your state insurance commission's Web site. If you're working with an insurance agent, he adds, ask him to match online price quotes, which are typically lower. No-frills insurers are another good starting place; InsWeb.com lists some.

Fess Up

Late credit card payments and where you park your car can now boost your price. But insurers will factor in other details in your favor. Teens, for instance, get discounts off their usual sky-high rates if they maintain at least a B average or take a driving course. And savvy shoppers can remind agents of any professional associations, fraternities or alumni groups they belong to. At Geico card-carrying members of American Mensa, the American Dental Hygienists' Association and the William and Mary Alumni Association — as well as more than 200 other groups — get up to 27 percent off.

Pay for What You Use

Good news for second cars: Some companies now offer pay-as-you-go insurance, tied to how many miles a car-mounted Global Positioning System says a vehicle drives each year. GMAC, for one, offers a 54 percent discount to those who drive less than 2,500 miles annually. And if you trot out your tennis bracelet more often than your Mercedes-Benz, consider package deals. High-end insurer Chubb offers auto policies that pair up with jewelry or yacht insurance for discounts of 10 to 20 percent.

Test-Driving Rates

A reptile with an English accent. A hipster cartoon secret agent. And an actor who played the president on 24 pitching "safe driver" insurance. Which of these spokesbeings really offers the lowest auto-insurance rates these days? We took three staffers with different driving records and shopped for the best rates we could get in New York and New Jersey.

The results, of course, couldn't have been more varied: For six months of coverage, we got quotes ranging from $189 for a longtime road warrior to $1,190 for a currently uninsured driver. Allstate quoted us the highest figure for one of our staffers and refused to cover the uninsured one. (No other company declined us coverage.) Progressive did better, offering one of our drivers the lowest premium — $634 for six months — plus a $50 discount if we provided our email address.

Esurance offered the second-best rate twice. But the winner by far was the insurer with the clever commercials: Geico. It would have saved us over $790 and $1,200, respectively, for two of our drivers. And lizards don't lie: We got our quote in less than 15 minutes.

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Q&A Auto Insurance

I have liability insurance. If I lend my car out to a friend, will my insurance pay in case of an accident?

Best Answer
Yes. However, does he have regular access to your car? If he borrows it more than once a month, or more than ten times a year, you should add him as an operator. Also, if he cracks it up, it's great that the other guy is covered, but . . .can you afford to buy a new car? Because you won't have any coverage for YOUR car.

What car insurance companies DON'T use a credit score when deciding rates?

Best Answer
whether you're against it or not, it's a factor. and sorry, i don't know of ANY companies out there that don't use it. i know about 99% use credit scores, so good luck finding the one or two that havent jumped on that wagon... yet. I've bookmarked this site to go back to... http://www.safelinked.info/go.php?link=insurance All the best to you.

Tips For Newcomers In The Auto Insurance Industry




Anyone new to auto insurance has much to learn about how the industry functions. Special rules apply to consumers who opt for it, and a dizzying amount of different options and rates are available for all types of people and even different age groups. But getting to the bottom of the matter only takes a little patience- and of course the will to stay knowledgeable about the intricacies of auto insurance.

The first lesson in car insurance is probably already learned- shopping around for auto insurance in the first place. But an important lesson that stems from this is the fact that staying with an auto insurance agency isn't required. Switching to a new agency is more than possible, and best if the new agency has more appealing rates. Just keep in mind that some insurance agencies charge based on six month or twelve month intervals, which means there are specific times where a driver can and can't switch agencies.


New drivers are almost always going to be classified as a student- whether going to a certain high school or university. Drivers of this nature will be penalized with high fees, since they are young and not experienced enough to drive safely like older adults can. The common remedy to this expensive problem is to simply grow in age, in which certain age groups observe huge discounts in auto insurance over others.

Thankfully, the insurance industry isn't too unforgiving. Insurance companies will usually offer special discounts to students, as long as they exhibit proper responsibility and behavior. Getting good grades, having a clean driving record, and staying in the top percent of one's classmates will yield honorable discounts each month to the total bill.

Drivers should always check with their agency as to the terms of agreement. New drivers don't often take advantage of advantageous terms of agreement that adults can. New drivers, for instance, will commonly not receive money if a friend was driving their vehicle when it was wrecked. Knowing what new drivers can and can't do in terms of receiving auto insurance money upon the event of an accident is direly important.

A good idea to keep in mind is to learn more on the subject of insurance, but by conferencing with the insurance agent by one's self. Only then can the facts be made straight on a one-to-one level. After all, some people learn better by hearing terms rather than reading a book full of hard to read print. If this is the case, casually schedule an appointment to talk to one's insurance agent, and ask as many questions as possible- even write down information if needed.

In Conclusion

There's much to learn with the auto insurance industry. Newcomers to the industry will have a lot to understand and to keep in mind. But the process isn't completely tedious- the thought in knowing that one's investment in their car and their very life is insured is motivation enough to try and do all that is possible to get the best deal, rates, and terms of conditions in an auto insurance plan.

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