Auto Insurance Factors That May Raise Or Lower Rates
Do you feel like you are paying too much for your auto insurance? Perhaps you have never been involved in an accident or obtained any traffic citations. If so, you may be wondering what other actions you can take to get your insurance premiums lowered or prevent them from going any higher. The following are some proactive measures that you can take that may result in insurance savings for you.
Invest in safety and theft deterrent enhancements.
Some insurance companies reward their customers for enhancements to their vehicles that make them safer to drive or aid in deterring theft. An example of a safety enhancement that could result in saving is an investment in winter tires, which can aid in better driving conditions during icy winters. Alarm systems and anti-theft vehicle tracking systems are examples of investments that could deter theft or aid in vehicle recovery.
Calculate the best method of paying and most cost-efficient policy for your needs and budget.
Your chosen way of making payments may result in your total cost for insurance higher. If you are currently paying your insurance by the month, request quotes for advance paid premiums. Sometimes there is a slight up-charge when customers are allowed to make installment payments, and you may be able to avoid this higher charge.
Also, review your deductible. If you are opting for a lower deductible, this likely means that your insurance costs are higher. Consider changing to a higher deductible. Ensure that you have emergency funding set aside to cover the higher deductible since it will mean you having to pay out more out-of-pocket if you are involved in an accident that requires you to file a claim with your insurance company.
Plan in advance for potential lifestyle changes that could result in policy increases.
If you are moving to another province, consider requesting new quotes to ensure that you will get the best rate at your new location. You should also request quotes when expected changes in your lifestyle such as marriage or a teenage driver in the family are expected. These can impact your rates and cause a fluctuation. Possible factors that may cause these fluctuations are driver's age, experience, and previous citations or accidents.
An insurance agent or broker is the best resource to use for customized suggestions that may lower your insurance premiums. They can also help you better understand when it may be ideal to phase out certain parts of your policy, which may result in additional savings. For example, if you have been paying towards a policy that includes a rental car in the event your vehicle is involved in an accident, removing the rental car add-on portion of the policy may reduce the cost of your insurance and be ideal if you own more than one vehicle.
To talk to an insurance broker, contact a company such as Merit Group Insurance Brokers Inc auto insurance.