Sunday, August 19, 2007
Steps to Save Insurance
You may be able to save on insurance based upon these decisions:
Geography
Where you live makes a difference. Folks living in areas with little or no traffic are likely to spend less on insurance than those living in congested cities or suburbs because areas with a lot of traffic tend to see more accidents. Some neighborhoods also have a higher rate of vehicle thefts, which can result in a higher premium.
Driving Violations
Having an accident or moving violations on your record (speeding tickets, DWI, reckless driving, etc.) put you at a higher risk for accidents and will likely mean a higher premium. Some insurance companies will penalize you for your record for as many as five years from when the incident occurred. However, keep in mind, as your record improves, your premium will get lower.
Vehicle Type
A cheap car will cost less to insure than that status symbol SUV sitting on 24" rims.
Accident Claims
A driving record that is clean and free of accidents will hold far better for you than lots of tickets and/or accidents.
Credit Rating
Many insurance companies view having a poor, or even no credit history as suggestive of higher risk and thus, charge you a higher premium. Monitor your credit rate free to see if you can get a better score. A better credit score will save on insurance premiums.
Occupation
Insurers have statistically found a correlation between your occupation and risk. For instance, a newspaper delivery person is most likely a higher risk than the personal banker sitting at their desk all day.
Education
A higher education can save on your premiums.
Driving distance to work
Miles driven each yearYears of driving experience
Business use of the vehicle
Whether or not you currently have auto insurance and how high are your limits
Theft protection devices (often results in discounts)Multiple cars and drivers (another opportunity for discounts)
# posted by karthika @ 9:23 PM 
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