How To Get The Best Car Insurance Deal Part 3
written by Credit-HQ ExpertThese pertain to the amount of losses you are held accountable for before the car insurance takes effect. The rule of thumb is to aim for the highest deductible that your budget can allow. During the life span of your car, what you save on premiums may be more than enough to cover these deductibles if in case claims are made by you.
According to the Insurance Information Institute, you could trim down the cost of your comprehensive and collision coverage by up to 30% if you increase your deductible from $200 to $500. When you target a $1,000 deductible, you could save as much as 40% more.
Although getting a higher deductible can save you a lot, you should still make it a point to keep the amount within what you can easily afford.
Know about the discounts
These are money-savers that your insurance agent may or may not tell you about, but could save you a lot in the long run.
-ABS (anti-lock brakes) discounts
-Air bag discounts: Avail of up to 25% discounts for driver-side air bags and 40% for full-front seat air bags)
-Anti-theft system discounts
-Nonsmoker discounts
-Carpooling discounts
-Car model discounts: Based on your vehicle’s ratings for repairability, safety, and claims history, you can avail of minimal discounts; in the same vein, poorly rated vehicles can attract surcharges
-College graduate discounts: Certain coverage types can entitle you to up to 15% discount, but is available only in Arkansas
-Low mileage discounts
-Safe driver discounts: Avail of as much as 15%, and up to 26% if you have been accident-free for 5 years
-Defensive Driving discounts: GEICO, for instance, offers a discount when you successfully complete a defensive driving course.
-Group discounts (e.g., AAA)
-Mature driver discounts
-Military discounts: Servicemen deployed on emergency to Afghanistan or Iraq can avail of as much as 25% discount when qualified; active and retired members of the military can also benefit from 2-15% discounts from certain insurers
-Multiple car policy discounts: Up to 25% can be saved when insuring multiple cars at once with the same company
-Senior-level Federal employee discounts
There are also the little-known discounts for young drivers. For example, there’s the ‘Good Student discount’ for students with a grade average of at least B, and another for a student who goes away to an educational institution more than a hundred miles away but doesn’t have a car. Even after they get their own vehicles, keep your children on your policy to get further discounts.
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