Auto insurance is a major expense for most of us. If you pay monthly premiums, that payment can rival a credit card payment, taking a big bite out of your monthly income. However, the law requires that we all carry auto insurance, so you've just got to bite the bullet and squeeze this expense into your budget, no matter what.
BTW, if you think you can get away without it, be aware that, should you be stopped by the police for any reason, and you cannot show proof of insurance, the officer can confiscate your vehicle on the spot! Then you'll be encumbered with impound and storage fees before you can get your vehicle back and you'll still need proof of auto insurance.
Let's say your current auto insurance seems a bit high. Prior to your current policy's expiration, shop around and see if you can't get a better rate. Using an auto insurance broker is the quickest and easiest approach. The auto insurance broker is an independent agent. Instead of representing a single insurance carrier, the auto insurance broker searches all of the major auto insurance companies, as well as smaller ones you may never have heard of, to find the best rate for your individual situation.
Whether you contact an auto insurance broker by phone or online, they'll first gather your personal data, such as age, driving record, current or former insurance carrier, marital status and details on your vehicle. The broker may also ask what level of coverage you want. This information is required in order for the broker to make inquiries to companies giving the most favorable rates to individuals with your profile.
When you answer the questions put to you, always give accurate information! If you've had a couple of tickets in the last three years, don't try to fudge. Insurance carriers do check. Letting the broker know this up front saves you time and money in the end.
If you're under 25, ask about 'good student' discounts if you've got good grades. If you've taken an intensive driving course, be sure to mention this. Chances are good that you can earn an additional discount with this 'plus'. Married people typically get better rates than singles. While this seems discriminatory, auto insurance carriers justify higher rates for singles based on statistics which show single drivers to be a greater insurance risk.
The distance you drive yearly makes a difference in your rates as well. The auto insurance broker may ask if you use your car for business or pleasure. Translation? If you work at home, have two cars and use the car in question for pleasure trips only, putting just a few thousand miles on the vehicle yearly, your rate will be much better than if you commute on a daily basis.
Ask the advice of your auto insurance broker on the levels of medical and liability coverage you should carry, as well as querying them on the difference in rates on various deductibles. If you feel you can manage minor repairs in case of an accident, you can save big time on your premiums by choosing a $1000-1500 deductible over the $100 deductible. They can advise you on the pros and cons of these choices.
Another advantage of using an auto insurance broker is that you know that they base their business on finding the best rates among dozens of carriers, rather than trying to match your profile with only one carrier, the single company they represent.
Give yourself some time to shop auto insurance rates for the best deal, before your policy expires. An auto insurance broker gives you an edge, in both time and money.
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