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Saving Money on Auto Insurance - 10 Must Know Facts

Auto insurance is an essential part of owning a car, and good coverage can be hard to come by. If you're looking for affordable auto insurance, make sure you know the 10 key facts that can help you get the protection you need at a price you can afford.

 

Saving Money on Auto Insurance - 10 Must Know Facts

Comparison shop for the best rate

Shopping around is key to finding the best deal on auto insurance. To get the most bang for your buck, compare rates from multiple companies and look for discounts such as good student or safe driver discounts. Don't forget to factor in factors like deductibles, coverage levels, and customer service when comparing policies.

 

Check your credit score and maintain a good rating

Your credit score is part of the equation insurance companies use to set your rate, so it's important to make sure yours is up-to-date. Check with the three major credit reporting agencies: Equifax, Experian, and TransUnion. If you maintain an excellent rating, you are likely to save money on auto insurance premium payments.

 

Bundle your home and auto policies to save money

Insurance rates are normally cheaper when you purchase home and auto policies from the same company. Sometimes you may get a discounted rate of up to 15% off your premium when you bundle your policies. Check with different insurers to shop around and see who is offering the most savings for bundling coverage.

 

Consider the age and make of your car when shopping for coverage

The age and model of your car will affect the cost of your auto insurance. Newer cars tend to have higher premiums due to their repair costs, while older cars can be less expensive. A lower price model of the same make will generally cost less to insure than a more expensive version. Additionally, vehicles that are more prone to theft may also increase premium costs.

 

Stay informed about minimum requirements in your state, as well as any discounts you may qualify for

Different states have different insurance regulations, so it’s important to know what the minimum requirements for auto insurance are in your area. Also, be sure to find out if you qualify for any discounts that may be available, such as good student or safe driver discounts. Comparing quotes from multiple companies can also help you save money by ensuring that you get the best rate on coverage.

 

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