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How to Save Money On Car Insurance

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If you desperately need to trim some money off your outgoings and don’t know how or where to do it, then read on for a few handy tips on how to shed your car insurance policy of a few (hundred) dollars. The following advice can be applied to other areas of your finances too, so you could end up saving hundreds, maybe even thousands, where you previously never thought you could. You’ll be bowled over by howeasy and effective these moneysaving strategies are.

If you’ve already got a car insurance policy in place, check with your insurer that you’re receiving every single discount and deal that you’re entitled to, and ensure that your policy covers you for everything you need cover for – you don’t want to be stung with having to pay hundreds of dollars for something just because you weren’t aware that your policy didn’t provide cover. For example, students can receive discounts because they have an exemplary report card, while a law enforcement officer, nurse or other professional may be entitled to discounts or reduced rates because of their professional affiliations.

Offer to pay a higher excess on your motor insurance. If you’ve offered to pay, for example, a $200 excess, why not offer to pay $500 and see how much that shears off your policy? You’ll be pleasantly surprised. But be realistic, of course, and don’t offer to pay a much higher excess than you could feasibly afford, just to lower your premium in the short term. If the unexpected happens (as it so often does) and you’re faced with a bill you can’t pay, then you could end up much worse off.

Shop online. Insurance companies encourage people to buy their cover over the Internet because they’re able to charge lower prices through their websites. When you’re shopping online, make sure you use something like a price comparison tool – using a price comparison website is a fantastic way of sourcing quotes from hundreds of insurers at lightning-fast speed.

Finally, review how much you actually use your car. Many insurance companies ask for an estimated yearly mileage in order to calculate policy premiums and if you’re overestimating then it could mean that you’re paying well over the odds for your policy. You could consider car-pooling on your journey to work, too. What’s the sense in five people travelling to work alone when they could just as easily share a car and save on petrol, wear and tear, mileage and their impact on the environment?

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AUTHOR Derek

My name is Derek, and I have my Bachelors Degree in Finance from Grand Valley State University. After graduation, I was not able to find a job that fully utilized my degree, but I still had a passion for Finance! So, I decided to focus my passion in the stock market. I studied Cash Flows, Balance Sheets, and Income Statements, put some money into the market and saw a good return on my investment. As satisfying as this was, I still felt that something was missing. I have a passion for Finance, but I also have a passion for people. If you have a willingness to learn, I will continue to teach.

1 Comment

  1. Great tips. I’m actually shopping around for car insurance right now. I tried esurance.com and they had the lowest rates. Trying to weigh things out. Will check out your moneysupermarket as well. Thanks!


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