How You Can Reduce Your Car Insurance Rates - Forex

Unless you have no intentions of ever driving a car, auto insurance would probably be the most inevitable part of your budget. There are very few places in America that permit you to drive vehicles without insurance and so it behooves each and every one of us to get a better handle on our own auto insurance coverage. And believe us, the auto insurance industry keeps changing due to competition. Many providers are going out of the box with their auto policies. The trend that has gained the most momentum is the self-insuring concept. The customer?s best tool in reducing insurance rates would be higher deductibles. A higher deductible means you are paying a larger amount before the insurance takes effect on your vehicle. No longer is it fashionable to take out a low deductible. Lower deductibles no longer warrant the high premiums. You can save yourself a whole lot with higher auto insurance deductibles.

Lowering the Rates for Young Drivers

If you?re under 21, or have kids under 21 who are driving newer cars, there is a great possibility of higher rates on the vehicle. The collision and comprehensive rates for drivers under 21 years of age are very high. Now if a young driver would be driving an older vehicle, minus both comprehension and collision coverage, that could reduce things quite a lot. If a young driver has finished a qualified driving course, that could also reduce otherwise significant rates. There are many insurance providers who give discounts to students with high grade point averages. When the young driver reaches 21 the rates begin to drop for most companies.

For senior citizens, or those aged 55 and working less than 20 hours a week (or retired), you can also expect to receive some discounts. The senior in the family could also take up a mature driving course and take advantage of potential insurance discounts.

Now if you insure your home and car with the same provider, you could also take advantage of what is called a multi-policy discount.

Tort Options ? Some companies offer discounts for a limited tort option. This can be defined as your capacity to sue for emotional and physical damages. This can help you reduce your rates by 30 percent in some states. Ask your insurance company about the tort options in your state.

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Source: http://forexfinanceanalysis.com/2012/03/15/how-you-can-reduce-your-car-insurance-rates/

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