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Buying auto insurance is an important part of your overall financial planning. The auto insurance premium rate varies depending on the company and the type of policy coverage you choose to have. Here are some guidelines to lower the cost.

Shop Around- Compare the costs by shopping around at least four to five insurance companies and comparing the quotes. Take the help of your friends, relatives and yellow pages. Your insurance company should offer fair price and posses excellent service records. Check the financial ratings of the company as it indicates the strength and stability of the company.

Ask for higher deductibles- Deductible is the amount of money that you pay before making any claim for an accident. The collision and comprehensive coverage are sold with the deductibles. Higher the deductibles lower will be the premium rate. Increasing the deductible from %200 to %500 may reduce the cost by 15 to 30 percent.

Drop collision and comprehensive Coverage on older cars- If your car is worth less than 10 times your premium in the current market, consider dropping the collision and comprehensive coverage.

Buy auto coverage from your existing insurer- Buy insurance coverage from your existing carrier. This may help you to reduce the cost. Sometimes low rates are available for the longtime customers.

Avoid double health coverage- If you think that you have enough health insurance, and then avoid health coverage with your auto policy. This will help you to reduce the cost.

Maintain a good credit record- Insurers are using the credit history while determining the price of insurance. Statistically, the lower your credit score, the more you are likely to file claims. A person with a good credit score is more likely to settle the accident without the support of the company. Try to maintain a good credit record.

Discounts with low profile car- Cars that are expensive to repair or attractive to thieves will have a higher rate. Consider buying a low profile or average car as it your insurer might come up with discounts for such a car.

Take advantage of the low mileage discount- Obtain some discount on premiums by driving less than the national average mileage recorded per year.

Consult about group discount- Sometimes you can get some discounts on group plans provided by your employer, or a business groups, or other associations. Find out whether such a plan is available.

Seek Car Safety discount- Some insurers offer discount if you keep your car equipped with air bag, anti-lock brakes, anti-theft devices, automatic seat belts. Take advantage of this.

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Can I insure a modified or classic car; who will offer insurance cover?

Yes, you can insure a modified car but because your car is a specialist car, not all auto insurance companies might be willing to provide coverage for it since it requires high price replacement parts and also skilled labor if the car is involved in an accident. Thus, you have to take a special car insurance that is designed especially for modified and classic cars.

How can I cut down my car insurance premium?

If you wish to cut down on your car insurance premium you must take care of a few things. Park your car overnight in the garage rather than leaving it on the drive. Fit insurance approved anti-theft devices; consider Third Party Fire and Theft for older cars. Find out discounts offered by the insurance provider when requesting quotes. Young drivers (under 25), who are often charged extremely high premiums, should have an extra driving course certificate.

What is ‘excess’?

It is the amount you have to pay when you make a claim for the loss or damage to your car. It can be voluntary or compulsory. If someone else causes the accident you may be able to reclaim the excess through the legal cover, which can be taken out with your car insurance policy. Otherwise you lose the excess. Voluntary excess is the amount you agree to pay to the company. It offers premium discounts. Compulsory excess is generally imposed to young drivers. Because their risk factors are high and the companies don?t want to insure them. So, in order to insure, they have to surrender with this payment.

What is legal cover?

It provides expertise and assistance required to recover uninsured losses such as medical costs, loss of earnings and excess payments where the fault was not yours. It is available as an optional with most car insurance policies.

Can an insurance company cancel my auto policy?

Yes, you auto insurance policy may stand canceled if you fail to pay the premium or if your consumer’s license has been suspended or revoked during the term of an auto policy. Also, if there is a fraud or serious misrepresentation when completing the insurance application, if the you are convicted to a crime, or if changes are made to the property that increase the risk of loss then the company may cancel your insurance policy.

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When it comes time to get auto insurance for your car, you will be faced with a number of decisions about the various types of available insurance. Basically, there are six different parts of an insurance policy. Some of them are mandatory when you purchase car insurance, and some may be optional. Here is a brief explanation of the different types.

Collision Insurance

This is the part that allows your car to be paid for when you get in an accident. If you were to hit another vehicle, have another vehicle hit your car, or you hit another object (such as a tree), then the damage to your vehicle is covered. It also will cover your vehicle in the event of a rollover, too. There are some exceptions, such as stunts and racing, which will void your being covered during those events.

Comprehensive Insurance

This coverage will protect your car in those events that are not listed under Collision Insurance. This means that if your car were caught in a fire, flood, is vandalized, stolen, or damaged by falling objects, then it would be covered. For older cars, you probably should just drop this part of your policy.

Medical Payments

This part of your policy provides medical coverage for any bodily injuries to you or your passengers while you are driving. It also covers people who drive your car with your permission, or you and passengers when you are driving someone else’s car. Funerals are covered, too, in the event of any deaths that may occur. It may also be called Personal Injury Protection in some states.

Bodily Injury Liability

Whenever you get sued because of a bodily injury or a death, then this part of the policy covers you. There are a number of exceptions under this part of the policy as to who may not be covered and under what circumstances. It would be a good idea to familiarize yourself with them – or the liability for a lawsuit may fall on your responsibility unnecessarily.

Property Damage Liability

Any property that becomes damaged as a result of your driving, or if your vehicle is driven by someone that you gave authorization to, it is covered under this part of the car insurance policy. This part is usually written together with the Bodily Injury Liability.

Uninsured Motorist Coverage

This is for that other guy who did not bother to buy car insurance. With more than 25%PRCTG% of motorists being uninsured in some states, you definitely need this. It will also cover you in the event of a hit and run driver. It is not available in all states.

Each of these sections of your policy can be adjusted by you in order to lower your car insurance rates if necessary. Ask your insurance agent what the recommended limits (legal) amounts are, and go from there upwards. You should seek to have these minimums – and more, if possible. You can also reduce your insurance costs by raising your deductible amount to %500 or %1,000.

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Tip 1: Give the car insurance company all details that they require. Details regarding your annual mileage, your car’s safety features and installed equipment, zip code, marital status and your driving record would be needed to ascertain all the discounts you may qualify for. This will help the company give you the best quote possible. In the absence of these details, the insurance company will quote their highest price. This is just to cover themselves, so you can’t wave it in their face later, if it turns out you’re not an optimum risk.

Tip 2: To cover your car according to your needs, you may get insurance quotes that could vary up to 300%PRCTG%, meaning if one company quotes ?1000, another may quote ?3000 for the same car and the same coverage. Just by comparing quotes from various companies, you could end up saving hundreds of bucks annually. Even your old car insurance company may be offering lower rates to new customers. You can negotiate the same deal for yourself.

Tip 3: If there’s anyway to reduce your annual mileage, do it. Most companies have discounts for cars that do less than 40 miles a day on an average. Travelling by train or flying for vacations can also help reduce miles on your car. This will cut a lot of precious dollars off your insurance quote.

Tip 4: Switching drivers could be a good option. A few more quid could be shaved off the insurance quote, if a female driver drives a truck or a male driver drives a minivan. Teenage drivers need to be insured on a family car or a sedan instead of a sports car. Ultimately the insurance company looks at the risk of covering your car. The lesser the risk, the lesser is the car insurance quote.

Tip 5: Bump up your ‘excess’. In the UK you are at liberty to increase the amount you’ll pay in the event of a claim, before the insurance company stumps up. If the minimum they ask for is ?100, but you volunteer ?500, your premiums can be lower.

Tip 6: Get ‘third party fire and theft’ on older cars. Old Bessy is not worth getting ‘fully comp’ on. Three years of fully comprehensive may be worth more than the car itself!

Tip 7: Buy a mediocre car. A smart car is a thief magnet, and is usually more powerful. Drivers are likely to drive more recklessly in a sports car. Some are expensive to repair. These factors cause the premium to be higher.

Do your research before you buy. Before you buy a new or used car, check into insurance costs. Premiums are based in part on the car’s price, repair costs, its overall safety record, and the likelihood of it being stolen.

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Buying auto insurance is an important part of your overall financial planning. The auto insurance premium rate varies depending on the company and the type of policy coverage you choose to have. Here are some guidelines to lower the cost.

Shop Around- Compare the costs by shopping around at least four to five insurance companies and comparing the quotes. Take the help of your friends, relatives and yellow pages. Your insurance company should offer fair price and posses excellent service records. Check the financial ratings of the company as it indicates the strength and stability of the company.

Ask for higher deductibles- Deductible is the amount of money that you pay before making any claim for an accident. The collision and comprehensive coverage are sold with the deductibles. Higher the deductibles lower will be the premium rate. Increasing the deductible from %200 to %500 may reduce the cost by 15 to 30 percent.

Drop collision and comprehensive Coverage on older cars- If your car is worth less than 10 times your premium inthe current market, consider dropping the collision and comprehensive coverage.

Buy auto coverage from your existing insurer- Buy insurance coverage from your existing carrier. This may help you to reduce the cost. Sometimes low rates are available for the longtime customers.

Avoid double health coverage- If you think that you have enough health insurance, and then avoid health coverage with your auto policy. This will help you to reduce the cost.

Maintain a good credit record- Insurers are using the credit history while determining the price of insurance. Statistically, the lower your credit score, the more you are likely to file claims. A person with a good credit score is more likely to settle the accident without the support of the company. Try to maintain a good credit record.

Discounts with low profile car- Cars that are expensive to repair or attractive to thieves will have a higher rate. Consider buying a low profile or average car as it your insurer might come up with discounts for such a car.

Take advantage of the low mileage discount: Obtain some discount on premiums by driving less than the national average mileage recorded per year.

Consult about group discount- Sometimes you can get some discounts on group plans provided by your employer, or a business groups, or other associations. Find out whether such a plan is available.

Seek Car Safety discount- Some insurers offer discount if you keep your car equipped with air bag, anti-lock brakes, anti-theft devices, automatic seat belts. Take advantage of this.

Technorati Tags: Amount Of Money, Auto Coverage, Auto Policy, Buy Auto, Buy Insurance, Buying Auto, Car Cars, Car Insurance, Credit Score, Current Market, Deductibles, Health Coverage, Health Insurance, Insurance Companies, Insurance Company, Insurance Coverage, Insurance Premium, Longtime Customers, Older Cars, Policy Coverage, Premium Rate