12th
Insurance Trends Finally Let Up
Having auto insurance is a requirement by law in most states so it is an expense that has to be met in every household. There are several ways to save money on auto insurance to get the most needed coverage for the least amount of money possible.
One area of coverage that is available on the policies of most insurance companies is the add-ons in the accidents, emergency assistance and maintenance area of the policy consumers would consider.
The easiest and most well-known way to cheap insurance is by raising the deductible. This is something that would be the first thing most customers would do in order to save money on auto insurance since they have different levels of deductibles with different prices that are easily compared and where most people can see the most significant amount of savings to the policy. The higher the customer makes the deductible, the lower the premium is going to be. The reason that this is the best idea and the first one that should be considered is because, in reality, people must pay for insurance and hope they never have to use and in most cases, most people never will use it so why pay for something such as having a lower deductible that can cost so much more when it is more likely than not that it will never be utilized in the first place.
Along the line of raising the deductible in the hopes of never having to use it is the other extras that many people feel like they must have such as towing and roadside assistance. These services seem to be available for no other reason than to create an unnecessary layer of comfort. If the car owner is routinely maintaining the vehicle by checking the tire pressure, making sure the oil has been changed, the regularly scheduled tune ups have been followed, there is no reason to add this extra expense on to the policy.
Another added expense that likely is not necessary is car rental. Most families have more than one vehicle and can make do with one for a few days while the other one is being fixed. If renting a car is absolutely necessary, many rental companies offer discounted specials such as renting for 5 days, get one day free. Often, the price to rent a car without rental reimbursement is cheaper than adding that onto your policy.
These three very simple tips to help save on auto insurance are able to be accomplished by self-insuring. Self-insuring simply means that the customer isn’t padding the bottom line of an insurance company and having to bow to the whim of that insurance company by setting aside enough money on their own in order to be able to provide for these needs themselves. Since these services are rarely utilized, keeping that self insurance money in an interest bearing account not only saves money on the auto policy but makes money at the same time.
