As we to manage our monthly budget is a good idea to look for ways to save money. One good area to ring up savings is on your car insurance. We will take a look at the biggest areas where you can lower your cost. These three main areas are your coverage, annual miles driven and leveraging a highly competitive car insurance environment by shopping.
One area you can save the most is by reviewing the type of coverage you carry. The main area to review is the type of deductibles you carry for collision. If you are driving an older car it will make sense to increase your deductibles. As an example, by increasing your collision deducible from $250 to $1000 you can save over $250 a year on your policy. To save additional money, up to $500 a year, you can remove your collision deductible all together. Carrying no deductibles will obviously be of greater risk if you happen to damage your car. Savings can also be captured from increasing your deductibles on Comprehensive, which covers for damages like a cracked windshield. Comprehensive coverage is much less than collision; however, you can save an additional $50-$100 a year by reducing or eliminating your comprehensive coverage.
Another area to decrease your monthly car insurance is by reviewing your annual mileage. Has there
15% of young people between 18 and 25 cause at least one accident per year, according to a study of accidents on car insurance for young people who carried out the Foundation Mutua Madrilena.