(NC)—If there's one wish that all drivers share—next to cheaper gas—it's how to reduce their car insurance premiums. Whether you've been paying premiums for many years or you're shopping around for your very first policy, coverage is essential but it doesn't have to break the bank.
The experts at Desjardins General Insurance have a few suggestions on how you can reduce your car insurance premiums.
Consider The Age Of Your Car:
If you own a car that is more than 10 years old, you may want to remove collision and comprehensive coverage, especially if the total value of the car is low. It all depends on your situation. Can you afford to repair or replace the vehicle with something similar if you had an at-fault collision or if it was stolen? If not, it might make sense to maintain the coverage.
Consider Your Deductible:
Another way of saving some money is by increasing your deductible, regardless of your car's age. Increasing your deductible from $300 to $500 or even up to $1000 will reduce your premium. Remember however that in the event of an at-fault collision, you must pay the first $500 or $1000 in repair or replacement costs, depending on the deductible you choose.
Choose Your Vehicle Carefully:
That great deal on a new car might look perfect on paper, but you may want to find out what your insurance premium will be before you sign the purchase agreement. For example, luxury cars can be more expensive to insure due the higher repair or replacement costs compared to a less expensive car. Likewise you will probably pay more to insure a high performance car as these are also expensive to fix or replace and are deemed more likely to be stolen, driven at high speeds and involved in high impact collisions.
Where Are You Going?
The distance you drive and the purpose of your driving is taken into account when calculating your premium. If you have to commute a great distance to the office, maybe think of taking public transit. You could save on gas, wear and tear on your vehicle, and on your insurance premium.
Drive Carefully!
It sounds like a no-brainer, but having a clean driving record is one of the best ways of keeping your insurance costs down. Speeding and other traffic tickets can have a big impact on your insurance premiums. The same is true of at-fault accidents.
Consider Combining Your Home And Auto Insurance:
In some cases you may be eligible for a reduced rate by joining your car and house insurance, especially if you've been with your insurer for a while. Another simple way to increase your auto insurance savings and enjoy greater convenience is to consider insuring all of your personal vehicles with one provider.
If you own a car that is more than 10 years old, you may want to remove collision and comprehensive coverage, especially if the total value of the car is low. It all depends on your situation. Can you afford to repair or replace the vehicle with something similar if you had an at-fault collision or if it was stolen? If not, it might make sense to maintain the coverage.
Consider Your Deductible:
Another way of saving some money is by increasing your deductible, regardless of your car's age. Increasing your deductible from $300 to $500 or even up to $1000 will reduce your premium. Remember however that in the event of an at-fault collision, you must pay the first $500 or $1000 in repair or replacement costs, depending on the deductible you choose.
Choose Your Vehicle Carefully:
That great deal on a new car might look perfect on paper, but you may want to find out what your insurance premium will be before you sign the purchase agreement. For example, luxury cars can be more expensive to insure due the higher repair or replacement costs compared to a less expensive car. Likewise you will probably pay more to insure a high performance car as these are also expensive to fix or replace and are deemed more likely to be stolen, driven at high speeds and involved in high impact collisions.
Where Are You Going?
The distance you drive and the purpose of your driving is taken into account when calculating your premium. If you have to commute a great distance to the office, maybe think of taking public transit. You could save on gas, wear and tear on your vehicle, and on your insurance premium.
Drive Carefully!
It sounds like a no-brainer, but having a clean driving record is one of the best ways of keeping your insurance costs down. Speeding and other traffic tickets can have a big impact on your insurance premiums. The same is true of at-fault accidents.
Consider Combining Your Home And Auto Insurance:
In some cases you may be eligible for a reduced rate by joining your car and house insurance, especially if you've been with your insurer for a while. Another simple way to increase your auto insurance savings and enjoy greater convenience is to consider insuring all of your personal vehicles with one provider.
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