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Car Insurance Quote Saves Money and Stretches Income

by Penny M. Hagerman


When times get tough and budgets tighten, car insurance premiums should be one of the first areas of attack for consumers looking to lower quotes and stretch income. With at least one car insurance quote in hand, many can realize savings up to 20 or 30 percent on auto coverage alone.


Lowering Costs through Annual Reviews


According to the National Association of Insurance Commissioners (NAIC), reviewing car policies annually is one of the best ways to save money. Yet only 20 to 35 percent of consumers actually do so. That means many are leaving money on the table.

For instance, when the price of oil rises, many people trade in their gas-guzzling cars for smaller, more fuel-efficient ones. Depending on the car's make and model, it may carry lower premiums, which can help save money on car insurance bills.

Changing jobs provides another reason to compare quotes from one provider to another. When policyholders move from a job that's 40 miles from home to one that's only 10 miles from the nest, they significantly reduce the amount of driving needed to get to work. That means less risk for both driver and insurer—and cheaper car insurance.


5 Tips for a Cheap Car Insurance Quote


Although some factors that influence insurance rates are beyond our control (like age and gender), drivers can best affect the bottom line on premiums by taking advantage of these tips:

  1. Shop for insurance online. This is the easiest and quickest way to find local agents, get more than one quote, compare car coverage and price, and get the best car policy for individual needs.
  2. Consider more than just price. Insurers bundle coverage uniquely, so compare liability limits, medical payments coverage and uninsured/underinsured motorist levels—as well as price—before choosing one car policy over another.
  3. Arrange to pay car premiums annually, rather than monthly. This lowers the quote and overall cost, in addition to saving monthly service charges.
  4. Choose car coverage carefully. If driving an older car, comprehensive coverage may not be necessary because there's not much value to protect. On the other hand, gap insurance may be needed if the outstanding balance on a car is more than it's actually worth.
  5. Stay in touch with the car insurance company, and let them know you're shopping around for better rates. A well-educated agent is a valuable resource and may have tricks up his sleeve that can increase savings. 
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