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Insurance

Top Car Insurance Buying Tips to Save You Money!

Follow Your Own Car Insurance Advice to Save Money

Have you ever heard the saying “practice what you preach”? It’s something we often forget, especially when it comes to mundane tasks like reviewing car insurance policies. I recently found out that by not reevaluating my car insurance, I was leaving a pile of money on the table. When I did the legwork, I discovered I could save $600 a year and increase my coverage.

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Why You Should Consider a Broker (And Online Options)

A broker is great for finding insurance options because they do the hassle of searching for you. However, they don’t always consider every possibility. That’s why checking online quotes every so often can be beneficial. If you discover a better online deal, you can prompt your broker to match it or switch to the better offer.

Unlikely Discounts You Could Be Missing

Insurance companies have all sorts of discounts. For example, Geico offers a discount to Berkshire Hathaway shareholders, and often membership in certain organizations or employment in specific sectors can lead to lower rates.

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Don’t Blindly Follow a Friend’s Choice

Every driver is different, and factors like driving history, location, and vehicle type affect premiums. What works for your friend might not be best for you. Doing your own research is key.

The Importance of Shopping Around… Constantly

Circumstances change, and so do insurance rates. Shopping around at least every couple of years can ensure you’re not missing out on potential savings.

You Can Switch Insurance Anytime

Switching car insurance doesn’t have to wait until the renewal date. You’re entitled to a refund for any unused service if you cancel your policy midway.

How to Compare Insurance Policies Properly

Make sure the coverage details are the same when comparing insurance policies. What might seem like a great deal could be less coverage for a lower price.

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Ask About All Possible Discounts

Besides the common multi-policy and safe driving discounts, there are many others. Affiliate discounts, for instance, can be for first responders, healthcare workers, or students. Always ask and research.

Raise Deductibles Instead of Lowering Coverage

To reduce premiums, consider increasing your deductible rather than reducing the amount of coverage – this can be financially safer in the long run.

Don’t Assume Bundles Are Always Cheaper

While bundling insurance can save money, it’s not always the case. It’s worth exploring whether separate policies might be more cost-effective.

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Check Insurance Rates Before Buying a New Car

The cost of insuring different cars can vary widely. Do your homework and get insurance quotes before deciding on a new vehicle to avoid unexpected costs.

The Bottom Line

Buying car insurance doesn’t have to be a chore. Whether through a broker or by collecting online quotes, make sure you’re getting the best possible deal by staying informed and proactive. In this way, the more effort you put in, the more savings you might find!

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