Rest Insured
Keeping the brakes on car insurance costs
As inevitable as the sunset but a lot less welcome, auto
insurance bills keep coming in. As you review your coverage for the
coming year, you're probably considering buying cheaper
insurance. But this can come back to bite you if the insurance
company isn't reputable, offers poor service, or refuses to
honor your claims, says Jeanne Salvatore of the Insurance
Information Institute. Although auto insurance is an expense that
has no ROI unless you're in an accident, taking a chance with
insurance could cost you if you have to make a claim.
And while you're at it, do you need that commercial van, or
would a smaller vehicle do? The bigger the vehicle, the higher the
annual insurance bill.
Following are a few things to think about before your next
renewal:
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1. Put your car in your
company's name to benefit from a business insurance rate,
usually lower than a personal policy.
2. Shop around to compare
prices.
3. Check out your insurance
company's ranking. Some state departments of insurance offer
this service.
4. Before you buy a car,
know its insurance costs. Sports cars, SUVs and imports carry the
highest rates.
5. Take advantage of
opportunities for discounts: a good driving record, safety
equipment, antitheft devices, more than one car under the same
policy, low annual mileage, and combined commercial auto and
business policies.
6. If your car is worth
under $1,000, forget theft insurance. If your car is more than five
years old, drop collision and comprehensive coverage.
Jill Amadio has reported on the automotive industry for 23
years as an editor and consultant.
Contact Source
- Insurance Information Institute, (800) 942-4242,
www.iii.org