Saving Money on your Personal Insurance

I was just interviewed for a story in a parents magazine on how to save money on car insurance. I’m happy to share the tips, strategies, and suggestions with you…

Here are few quick “tips” and suggestions to significantly reducing personal auto insurance costs…

  • Raise physical damage deductibles as high as you can “stomach.” The more expensive the car, the more you will pay and the more you can save with higher deductibles. (Note – this is your comprehensive and collision coverages)
  • Shop your auto insurance policy competitively every 3 years at a minimum. Rates and company appetites change and you need to be current on your options.
  • Deal with a real person. These online programs may appear to save you money, but unless you’re an industry expert, you don’t know what you’re actually buying. You may save money initially and lose it when you are either not insured or underinsured. Use a professional.
  • Make sure you’re receiving all the “credits” you are eligible for. Companies give discounts for good students (your young drivers which really raise your rates), non-smokers, no claims, multiple policies, multi-car, etc. Ask for a list of all available discounts.
  • Make a deal with your teenage drivers. If they don’t qualify for a good student discount, then they don’t get licensed. Seem harsh? Yes, but the cost to insure a student without the discount can be as much as 35% more expensive! I did it with my two daughters and it works.

© 2011 Dan Weedin. All Rights Reserved

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