Here are ten easy steps you can take in your efforts to save on Auto Insurance and reduce your auto insurance premiums.
™
1. The first thing and probably one of the most important steps in reducing your Auto Insurance premiums is to shop around and compare insurance quotes. Insurance rates can vary quite a bit across different insurance companies for a variety of reasons, including size of insurance company, the type of vehicle, the coverage you are looking for etc. Therefore its very important that you do insurance quotes and compare rates to ensure you are getting the best insurance coverage and at affordable rates. Online Insurance Quote sites have grown in popularity as more persons search for and compare Insurance rates from the comfort of their own homes.
2. Do your research before buying an automobile as this could be the difference between a higher insurance rate and a lower one. Try to find out which cars tend to be targets for theft and vandalism and avoid purchasing those. Purchasing a vehicle with a higher theft rate could result in you paying higher insurance premiums.
3. Try to pay higher deductibles. Your deductible is the amount of money you have to pay out of pocket before your insurance policy pays a claim on your behalf in the event of an accident, theft or other damages. Generally speaking, the higher your deductibles, the lower your auto insurance premiums will be. Start paying higher deductibles and you will save on auto insurance.
4. If you are the proud owner of a home, consider insuring your car and home with the same insurance company. In most cases having your auto and home insurance with the same company can help to reduce your insurance as a lot of insurance companies offer multi products discount, up to 20% discount or more if you insure multiple products with them. Likewise If you have multiple vehicles try to have them on the same insurance policy as most Insurance companies offer multi vehicle discounts or bulk rates, which you can take advantage of if you insure multiple vehicles with them.
5. Try to drive less and by doing so you will also reduce your mileage. If you have an opportunity to walk, car pool or take the subway to work, this can help to reduce your mileage and reduce your auto insurance premiums. When you drive less you increase your chances of qualifying for low mileage discounts. Also remember that the more you drive the greater your chances of meeting in an accident. If you want to save on auto insurance, drive less.
6. Make an effort to stay accident free as your driving record and history of accidents is one of the most influential factors that can impact your insurance rates.,Avoid speeding and avoid traffic violations as the more accidents you have the higher your auto insurance premiums will be.
7. If you are a new driver, consider taking a driver's training course.A lot of insurance companies offer discounted rates to new drivers who take an approved driver training course within the last 3 years. Therefore taking these courses can help to lower your auto insurance rates. Taking a defensive driving course or accident prevention course can translate into huge insurance savings and help reduce your premiums.
8. If you can, pay your yearly insurance premium upfront instead of via installments such as a monthly plan. By doing so you can save a lot on your Auto Insurance.You can incur additional fees by being on a payment plan as many insurance companies charge interest or admin fees for their installment options.
9. Installing anti-theft devices such as alarms in your automobile could lead to a reduction in your auto insurance premiums as it means more security and safety for your vehicle.
10. Pay attention to the age, color, features and specs of the vehicle which may all have some bearing on the price of your insurance premiums. Performance and non-performance modifications may also increase your premiums. For example top end car stereos, alloy rims, custom paint job, upholstery, turbo kits, enhanced muffler and exhaust system and so on will almost certainly increase the value of your vehicle and my make it more desirable to thieves. This may result in higher insurance premiums.
These are Ten Easy Steps that you can take to reduce your auto insurance premiums and save on auto insurance.
The economic climate of the country, and indeed, across the globe is such that financial stability is something you can no longer take for granted. Added to this is the 'easy ways out that allow us to indulge our desires; be it credit cards that enable us to shop more than we can afford or the installment plans that allow us to purchase a car or any other consumer product. And to top this, if your business closes down or you lose your job, what you would have to handle, apart from other troubles, is a bad debt situation, where you find yourself unable to pay off your loans. Needless to say this can be a very trying situation especially with the creditors and the debt collection agencies making a beeline to your door, demanding repayment and threatening your peace of mind.
If you find yourself in serious debt, realise though it is a difficult situation it is not the end of the world and there is always a way out. You can seek debt advice from experts who will recommend solutions to manage your debt and help you regain financial stability.
There are a broad range of debt solutions but generally they are classified as:
IVA:
An IVA is a legal process introduced as part of the "1986 Insolvency Act". As per the law, debtors can make a formal proposal to their creditors in order to clear their debt. The purpose of the proposal is to demonstrate to the creditors that they have more to gain from it than what they would were the debtor to be declared bankrupt. As part of an IVA arrangement, all interest on the debts is frozen and other charges dropped. At the end of the arrangement, all outstanding balances are written off and the debtor is free to make a fresh start.
Debt Management Plans:
Unlike an IVA, debt management plans (DMP) are 'informal' arrangements reached between the debtors and their creditors for the clearance of the debt. Given the fact that these plans are not legally binding, both creditors and debtors can end the arrangement any time they wish. Debt management plans are ideal for those who are facing a temporary financial setback, for example, due to loss of job. To qualify for a DMP, debtors must have a minimum of £3000 worth of unsecured non-priority debts. Non-priority debts include credit cards, bank loans, over drafts, catalogues, store cards etc that are not secured on property and other assets such as car etc. Things like mortgage, utility bills, council tax, CSA payments and student loans can't be included in your debt management plan.
Debt Consolidation:
Debt consolidation means to take one large loan to repay multiple smaller unsecured debts. The advantage is that instead of making multiple payments over a month to multiple lenders, debtors just need to make one payment to one creditor. Generally, debt consolidation is a secured loan, or a loan secured on property, vehicle or other valuable asset etc which means that it comes with a lower rate of interest than unsecured loans. So instead of paying Pay Smarter higher interests on unsecured loans, debtors need to pay a lower rate of interest, which allows them to save some money. Besides, a debt consolidation loan can be for as long as 25 years, which means smaller monthly repayment for the debtor.
Bankruptcy:
Bankruptcy is an extreme form of insolvency when the debtor's unsecured debts far outweigh his or her valuable assets. The petition for bankruptcy can be filed voluntarily by the debtors, or their creditors can file the petition against them in the county courts. The creditor can file the petition subject to the condition the debtors owes him £750 or more of unsecured debt. At the end of 12 months, or sometimes even less, the debtor's debts are written off and he is free to make a fresh start. The creditors can no longer demand repayment. With this said, bankruptcy should be viewed as a last resort because it has long lasting consequences not to mention a social stigma. The debtors can not borrow further credit and all their bank accounts are frozen.
The above are just a brief outline of the options available. It is advisable to seek debt advice for debt solutions that meets your individual requirement. You can talk in confidence to our expert advisors who would study your situation and then recommend a particular solution like IVA and also the providers who specialise in dealing with that particular solution.