That could be a costly mistake. Taking a few minutes to review and adjust your auto insurance policy could save you hundreds of dollars per year.

Saving on your car insurance is easier than you might imagine. Here are three ways to reduce your costs, as well as an estimate of potential savings based on the national median rate of about $1,400 per year reported by InsuranceRates.com. If you pay more than the median rate, you could save even more.

1) Take a hard look at your deductible. According to the Insurance Information Institute (III), raising your deductible from $250 to $1,000 could reduce your collision and comprehensive coverage costs by up to 40 percent. You’ll incur higher costs should you need to file a claim, but the amount you’ll save on your premiums may be well worth it.

Estimated Savings: $170 per year

2) Combine your auto insurance policy and either home or renters insurance policy with a single insurer. According to the III, converting to a multiline policy could save you as much as 15 percent on your auto premium. Plus, you’ll have one fewer bill to pay each month.

Estimated Savings: $210 per year

3) If you can afford to, pay your auto insurance premium in one lump sum. Many insurers charge a fee to break up your premium into monthly payments, and even a few dollars a month could amount to a hefty surcharge.

Estimated Savings: $60 per year

In addition, make sure you shop around and speak with agents from several different companies. Insurance providers often specialize in different types of drivers, and depending on your personal circumstances, it’s probably worth your while to compare quotes.

To learn more ways to save and to compare rates online, visit www.InsuranceRates.com.

(NC)—If you’re looking for ways to save money on your car insurance, the following useful tips will help.

Drive carefully

Drivers with no accidents, tickets or insurance claims almost always pay less for their auto insurance coverage. With a less than perfect driving record, you can find yourself paying much higher insurance premiums over the years.

Make sure all your cars are on the same policy

Most insurance companies offer a “multi-vehicle discount” for customers who insure more than one car on the same policy.

Insure both your car and home with the same company

Again, this may qualify you for a discount called the “multi-line discount.” Most companies offer this discount as an incentive to get your home insurance business, too.

Ask about other discounts you might be able to get

Additional common discounts include anti-theft, winter tire, age, low mileage, occupational and auto club discounts, all of which could save you money, if they are available and if you qualify.

Increase your deductibles

The higher your deductibles, the lower your insurance premium, so raise them as much as you can. Keep it affordable though, because this amount is how much you’ll have to cover if you need to submit a claim.

Get quotes if you have moved, or are moving

Don’t assume your current auto insurer will continue to offer you the best rate at your new address. After moving, the best advice is to compare car insurance quotes. It’s the only way to know you’re still getting the best insurance rate possible.

Don’t believe the myths about auto insurance premiums

Auto insurance premiums vary across insurers. In fact, each insurer’s car insurance rates are so unique to them that it’s likely safe to say that no two are alike.

Shop around

With car insurance comparison services like www.kanetix.ca, you can get online quotes from competing insurers to see if you can save money on your premiums.

Compare apples-to-apples while shopping

When comparing car insurance quotes, make sure you’re consistent and include the same deductibles, coverages, and limitations so to achieve like rates. At comparison sites, like Kanetix.ca, where you can compare rates side-by-side, they’ll do this task for you.

Source

“GEICO is pleased to release a new rating plan that will offer the opportunity for millions of Michigan drivers to compare and save on their auto insurance premiums,” said Mary Zarcone, regional vice president of GEICO’s Midwest operations. “As one of the largest and fastest growing auto insurance companies in the Unites States, GEICO stands ready to meet the insurance needs of the good people of Michigan.”

Zarcone continued, “In addition, we are introducing a number of new discounts with the plan that rewards good drivers. Simply go to www.geico.com to obtain a free rate quote.”

The changes will go into effect on July 3 for new policyholders and Oct. 1 for renewal policies.

Overall premium changes for individual motorists will vary based upon factors such as coverages purchased, geographic area, type of vehicle, risk characteristics, and other discounts for which they qualify.

GEICO (Government Employees Insurance Company) is the fourth-largest private passenger auto insurer in the United States. It provides auto insurance coverage for more than 8 million policyholders and insures more than 13 million vehicles. In addition to auto insurance, GEICO offers customers insurance products for their motorcycles, all-terrain vehicles (ATV’s), boats, homes, apartments and mobile homes. Personal umbrella protection and life insurance are also available. As a member of the Berkshire Hathaway group of companies, GEICO is rated A++ for financial stability by A.M. Best Company and ranks at the top of several national customer satisfaction surveys. For more information, go to http://www.geico.com.

Contact:

GEICO Communications
301-986-3271

Source: GEICO