Getting the Best Car Insurance Rates
This week at Fiscal Fizzle will focus on transportation, which often tends to be a very large part of our household budgets, and almost a requirement for efficient daily living in many parts of the country without widely available public transportation.
Mondays are Personal Finance Basics days at Fiscal Fizzle, and today’s post will focus on strategies for lowering your car insurance premiums. Maybe I’m wrong, but I’m assuming that it’s something you’d be interested in.
Circle of ControlThe problem with a lot of car insurance advice is that it goes something like this – “You just have to get older.” or “You’re at the mercy of insurance companies.”
I know that age and a lot of other factors beyond my control play a part in determining my insurance rate. But I’m not interested in any of those things – after all, I can’t change them.
I’m looking for what I can change – making my look-good factors look better to my insurance company. Here are the basics:
Car Insurance Factors You Can ControlYou may not have the immediate power to change some of these (they are history-based and require time to work their way off your record) but don’t give up yet. Ensuring that you don’t make the same mistakes twice is half the battle.
1. Demographics – You can’t change who you are – or can you? I’m not advocating getting married or having kids to lower your premiums, but it is something you have control over. Make sure to notify your company when you do.
2. Vehicle – One of the most overlooked factors, but maybe one of the most important, is the vehicle parked in your garage. Insurance companies know which vehicles are safer than others, and which are stolen more frequently. New and luxurious vehicles are also more expensive to replace. Think before you buy your next car!
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