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: