Saving What You've Got

Auto-matic Insurance Savings

When was the last time you looked closely at your car insurance policy? As circumstances in life change and vehicles grow older, your insurance strategies should evolve as well. Here are some tips to bring your cost down.

Drop comprehensive and collision on old cars. If they’re paid for, most companies will allow you to eliminate some types of coverage. Particularly once the resale value is minimal, you’re better off setting aside a little money in case you need to replace a damaged ride.

Increase deductibles. If you’re willing to pay a little more out of pocket in the unlikely event of a mishap, you’ll be in position to save significant dollars on an ongoing basis – often reducing your rates by a third or more.

Work those discounts. Every provider is different, so it literally pays to find out places where your insurer is willing to cut your rate. Low mileage and occasional drivers can usually reduce fees. In some cases members of specific organizations, senior citizens, students with good grades and owners of cars with specific safety or anti-theft features qualify for discounts too.