Is 30 Minutes Of Your Time Today Worth Putting $6,000 In Your Pocket Over The Next 10 Years?
See if any one of these questions apply to you?
Please check-off the answers to the four questions below.
| (Simply check Yes or No) | ||
| 1. | Do you write a check for your car insurance monthly or bi-annually....and wish you weren't paying so much? |
Yes
No |
| 2. | Have you ever spent time shopping for car insurance only to find that the quotes you were getting weren't much lower than what you were paying already? |
Yes
No |
| 3. | Have you been dropped by your car insurance company because of an accident or, because you've gotten too many speeding tickets? |
Yes
No |
| 4. | Or, are you a teenager or twenty-something looking for car insurance and can't believe how much you're going to have to pay for coverage? |
Yes
No |
If you answered yes to one, or more of the questions listed above, you're not alone. There isn't a single driver in the U.S. that at one time or another, hasn't thought about their car insurance. Whether it's the cost that bothers you, the lack of cheaper options, abandonment by your insurance coverage due to a poor driving record, or punishment due to your age or gender, everyone wishes there was a alternative that would help.
The good news is, there is a way to get the coverage you need....and pay a whole lot less for it. It's simply a matter of altering your coverage.
However, if you're looking for a magical, 30 second fix, this car insurance guide is not for you. You will have to spend a few minutes of your time.
What will you get for investing 30 minutes of your time? A financial reward that will put a huge smile on your face - and a boat-load of money back in your wallet or purse.
Ready? Here we go!
12.5 Simple Steps To Getting The Absolute Lowest Car Insurance ....For As Long As You Live.
Strategy .5 - Compare These Strategies To Your Current Policy....
And Decide If You Want To Get Several New Car Insurance Quotes
Two things - One, if you are happy with your Car Insurance Company and don't plan on switching anytime soon - fantastic. All you need to do is compare the Strategies listed below to your existing Policy, then make the recommended changes.
To do that effectively, you'll need the Declarations Page from your Car Insurance Policy. It's usually the first page of the Policy and it shows what coverage you have now....and what you're paying for that coverage. You really need this Page - after all, it's tough to save any money if you don't know what you're spending now.
Can't find your Declarations Page? Call your Insurance Company and get one - they'll be happy to help. By the way, if you've paid your bi-annual or yearly car insurance premiums, you're going to get a refund check in the mail!
And two, if you are considering a switch to lower your Car Insurance Costs even more, look just below.
There, you'll see a list of 8 Companies. Those marked with an asterisk are reported to have the top discounted rates. Don't visit them just yet - just review them.
Insweb Car Insurance* - Fast Service and offers you coverage from GMAC, Amica and Liberty Mutual....one of the top discounters.
Electric Insurance Company* One of my favorites - Originally started by General Electric for it's Employee's only (they have some of the best Employee Benefits in the U.S.) - now it's open to you. They don't offer coverage in every State - if they do offer it in yours, good for you. Another one of the top discounters.
GEICO Car Insurance* - like their TV commercial says - save 15% or more.
Insurance Finder Car Insurance Quotes - Easy Process....and Quick.
Insurance.com Car Insurance Quotes* - Try the Premium Quotes Service that offers a side-by-side comparison from Companies such as the Travelers, Liberty Mutual, The Hartford & MetLife - one of my favorite sources.
USAA Insurance - For active duty and former Military Personnel, their Spouses, ex-spouses and dependents. My Insurance Company.
AARP Car Insurance Quotes - Only Drivers 50 and over qualify. If that's you, give them a look.
AIG Car Insurance Quotes - A Huge Company - And very often has the lowest rates.
All but one are offering discounts of up to 20%. I want you to get a free car insurance quote from 3 or 4 of these companies. It's quick and very easy to do.
But don't do it yet - work the 12 remaining strategies...then use that info to get your new insurance quotes.
Keep in mind, that two of these Companies have membership requirements - just read the brief description beneath each companies name to see if you're eligible.
Why get Car Insurance Quotes from a different company? It's simple - because getting a car insurance quote from a new company is the 1st Step in slashing your car insurance. The new company wants your business so they give you an automatic discount of 10%-20%. (Here's a Tip - if you want to cut your insurance costs even further, get a homeowners insurance quote or renter insurance quote while you're at it - it's an easy way to get another 10% off)
That's how you begin this process of saving up to 55%. Now it's time to cut your Insurance Costs by another 45%!
OK....on to Strategy 1.
Strategy 1 - Car Insurance Discounts
The first thing you'll want to do is review the safety features on your current vehicle, or one that you're planning on buying.
Make sure you get as specific as possible. Make sure you know if the vehicle has:
- Front, Side or Head Curtain Air Bags
- Automatic Seat Belts
- Anti-Theft Alarms or Tracking
- ABS or Traction Control....and many more.
To get a complete list, check out the Car Insurance Discount Guide. It'll help make sure you don't forget anything - after all, a 10% - 20% Discount on Strategy #1 is a pretty darn good start.
Strategy 2 - Review & Change Deductibles For Comp & Collision
Most Car Insurance Policies have two deductibles - one for "collision" (you hit someone or someone hits you) and one for "Comprehensive" (all other damage or loss).
For both of these, have at least a $500 Deductible - preferably a $1000 Deductible.
Here's why - If you are currently paying a $100 - $250 deductible, you'll save up to 40% per year on your monthly premiums by moving it to $500. That means if you're currently spending $1,000 a year on insurance, you're going to get to keep $400 every year. If you jump to a $1,000 deductible, you could keep almost $600 extra a year in your pocket.
I can hear some of you saying, "Wow, a $1,000 deductible. That's a lot of money". Yes it is.
So is paying $1,000 a year with that $100 deductible....versus $400 a year with a $1000 deductible.
By raising your deductible on an existing policy or new car insurance quote, you'll be able to save an extra $6,000 over the next ten years - that's $6000 that used to go to your insurance company. And remember you typically only have to pay a deductible if an accident is your fault - you're off the hook if someone hits you.
Here's a Tip: I have a Credit Card that I keep in a desk at home - it's to be used for a deductible only - if I ever need it. It's an idea you might want to consider should you go with the larger deductible and ever have to pay it.
Strategy 3 - Review & Change Property Damage Liability
Have you ever seen a $100,000 mailbox? Car Insurance Companies must have. Here's why....
Property Damage is not damage done to an automobile but rather "property" like a mailbox or a utility pole. So, why in the world would you need $100,000 dollars of coverage.
In most cases, almost 100% of all
Property Damage Claims can be taken care of with only $50,000 of coverage. So take a look at your policy to find out what you're currently paying for. And if you have little or noNet WorthClick here to find out how you Calculate your Net Worth., drop your coverage to $25,000.
Here's what to look for on your Policy - Many of the Policies today will have your Liability Coverage's listed like so - 50/100/100 - The first two numbers refer to Bodily Injury Liability Coverage. The 1st number is the dollar figure covered per person. The 2nd is the dollar figure per accident.
The 3rd number is the Property Damage Liability....that's what you need to change. What does yours say? Save some money - get the minimum coverage your State requires. Make sure you lower yours when you get a new car insurance quote!
Strategy 4 - Review & Change Bodily Injury Liability
Although Bodily Injury Liability Coverage is a must, most of us end-up overpaying for the coverage we need. This type of coverage specifically covers:
- Any and all occupants of an automobile, whether it's yours or someone else's;
- Any and all occupants of another vehicle;
- And Pedestrians
Your only goal with this type of coverage is to have just enough protection to protect what is yours....in other words, your assets. And in order to protect your assets, you need to figure out what yourNet WorthClick here to find out how you Calculate your Net Worth. is.
A great way to slash these premiums is to have no more in Bodily Injury Liability than what your net worth is. Here's an example - If your Net Worth is only $20,000 and you have $100,000 in coverage, you're throwing money away.
And if you have little, or Negative Net Worth, just get the requiredState MinimumClick here to see what your State Minimums are - you'll need this info to get the lowest car insurance rates. in coverage. Write that Info down - you're going to need it.
If you have a high Net Worth, make sure you're not throwing money away too - see Strategy 8.
Here's what to look for when trying to figure out how much coverage you have now. Again, many of the Policies today have your Liability Coverage's listed like so - 50/100/100 - The first two numbers (whatever they might be) refer to Bodily Injury Liability Coverage. In this instance there is $50,000 in coverage per person and $100,000 per accident.
What does your Policy say? Are you paying more than your net worth? If so, change it.
Strategy 5 - Review & Change Uninsured/Underinsured Motorist Coverage
The Uninsured/Underinsured Motorist Coverage is a fantastic deal for the Car Insurance Companies....and a lousy one for you. This premium alone can increase your auto insurance by a couple hundred dollars a year.
Most folks think that uninsured/underinsured coverage is there to get your car repaired if it is hit by someone without insurance....or someone with lousy insurance.
Wrong!
Any damage done to your car is already covered - by the premium you're already paying for Collision.
First things first....check your policy if your paying for uninsured/underinsured coverage now. If you are, thencheck hereYou'll need to see what requirements your State has to get the lowest car insurance rates to see if your State requires it. If it's not required.....
Cancel it!
If the State you live in does require Uninsured/Underinsured Coverage, make sure you have the absolute minimum required. These minimums are not advertised, change every couple of years and are very difficult to find. So, you have two choices.
One, do a Google Search for your State Department of Insurance, go to the "Contact Us" page, find a phone number and call and ask what the Minimums are.
Don't try looking for it. Finding the minimums listed is almost impossible on most State Web Sites - they've buried it so deep you'll never find it. So, just call your State Department of Insurance.
The second alternative would be to check our DMV Listing, find your State's DMV Web Site and call them to find out.
I know it's a bit of a hassle to get the info yourself. Yet relying on the Insurance Companies to give you the correct information isn't very wise.
Strategy 6 - Review, Change or Cancel No Fault & PIP (Personal Injury Protection)
No-Fault Coverage, and it's Twin - PIP - started out as great idea's. Your Premiums were actually going to be lowered. Then the State Politicians got involved (at the urging of Insurance Lobbyists, of course) and mucked it up.
You see, No-Fault insurance Coverage was originally intended to have each individual's losses....covered by there own Car Insurance Company - no matter who was at fault.
Today, in many States, Car Insurance Companies are making a ton of money on No-Fault because the Insurance Companies convinced the State Law Makers to make "modifications."
Today, because of the these changes, Car Insurance Companies have actually used the No-Fault Laws to reduce payments on a claim made by a customer....instead of reducing Car Insurance Premiums as it was supposed to do.
So, premiums keep going up-and-up and Insurance Companies end up paying less for claims - Someone's getting rich on that deal....and it's not you.
And to make matters worse, some States (with really, really talented Insurance Lobbyist's) also require an additional premium be paid on top of the No-Fault premium. This beauty is called Personal Injury Protection (PIP).
PIP is a "wide" blanket" of Coverage and can provide Collision Coverage, Hospitalization, Social Security Disability, Workers Comp, Personal Disability Insurance & Life Insurance you have. The problem with PIP and what it covers is....
You Already Have Most, If Not All, Of These Coverage's Anyway - You're Paying TWICE!
So, you need to do a couple of things:
- Check hereYou'll need to see what requirements your State has to get the lowest car insurance rates to see if No-Fault Insurance and/or PIP Is Required in your State;
Then - Check your Policy. If it's Not Required by your State to have No-Fault/PIP Coverage and it's on your Policy - Cancel It; - If No-Fault/PIP Is Required by your State....take the absolute Minimum;
Here's a tip: If you must have No-Fault/PIP, ask for and get a Deductible - see Strategy 2 for Help.
Strategy 7 - Cancel Medical Coverage
Medical Coverage, on most Car Insurance Policies, is a promise to pay "reasonable" medical expenses for anyone who is riding in your car should you have an accident...as well as anyone in your car should it get hit by someone else.
Cancel It....You Don't Need It....and you're wasting your money!
Why is that you say? Well, Medical Coverage as part of your Car Insurance Policy, is a duplicate of your:
- Medical Plan;
- Any Life Insurance Coverage you might have, as well as;
- The Liability Sections of almost every Car Insurance Policy written in the U.S.
Think of it this way....Do you have a Health/Medical/Hospitalization Plan thru work or an Association you belong to?
Then why are you paying premiums for Medical/Hospitalization Coverage on your Car Insurance Policy????
| Sidebar - If you don't have a Health/Medical/Hospitalization Policy, trying to find one that's affordable and offers 24 hours a day, 365 days a year coverage for all forms of illness or accidents can be tough - trythis group - eHealthInsurance - they've worked really well for a few folks I know.|
Here's what's going to happen when you tell the Car Insurance Company or Agent that you "Don't want the Hospitalization/Medical Coverage" - you're going to hear very slick "scare tactics" to "help" change your mind.
An Insurance Company Employee, with any talent at all, will say "Well, if you're in an accident, and it's your fault, who's going to cover the Medical Bills for any injured passengers in your car"?
Here's your answer - Your family is already covered by your Health/Hospitalization Plan. If anybody else is in the car and they're injured - they're covered by your Bodily Injury Liability coverage (see Strategy 3)....and their own Health/Hospitalization Plan.
So go ahead - save some more money and get rid of this coverage if you don't need it.
Strategy 8 - Get An Umbrella
If you've established that you have significant Net Worth, you might need an Umbrella (all others, skip to Strategy 9). Umbrella Liability Coverage that is.
We've found that lot of folks have never even heard of this coverage. Why's that?
Because Insurance Companies and Agents are not awarded large commissions for selling it - so it's not advertised much or pushed very hard by Agents.
Umbrella Liability Coverage works like this - if you're ever sued, your Car Insurance Policy will provide you with Liability coverage. That Policy pays for any liabilities against you, and the attorney fee's you're likely to have - up to the amount set in your Policy....and nothing more.
However, in Law-Suit Happy America, if you're Wealthy, it's probably wise to have a bit more protection though Umbrella Liability Coverage.
This umbrella kicks-in when you reach the limits on your existing policy - if that should ever happen. Umbrella Coverage will cost between $150 to $300 per year for a $1 million personal Umbrella Liability Policy. Should you need it, the next million will cost almost $75 - and almost $50 for every million after that.
If you need this type of Coverage, there typically is only one way to get - thru the Company you're planning on having your Car Insurance with - and many times you have to ask for it.
A superb Company that offer's Umbrella Liability (and Car Insurance) is General Electric's Electric Insurance Company - give them a look if you need to protect your Assets.
And make sure you check with these Insurance Companies to see what options they might have.
Strategy 9 - Cancel Death, Dismemberment & Loss of Sight
Do you have any of these Coverage's on your existing Car Insurance Policy? If so - CANCEL THEM.
And if you're a first time car insurance buyer or, just looking at getting several car insurance quotes - Don't let anyone talk you into them!
Why?
Because they're an absolute waste of money. Most of these optional coverage's are simply "glorified" Life Insurance Policies with ridiculous provisions and horribly overpriced premiums. If you need Life Insurance make it a separate Insurance Policy and use the same Companies I recommended at the top of the page.
Strategy 10 - Cancel The Extras
Do you have "Roadside Assistance" or "Rental Car Reimbursement" on your Policy? If so - CANCEL THEM.
And again, if you're a first time Insurance buyer or getting a few car insurance quotes, don't bother with these coverage's.
Why? Because they're way overpriced, are rarely ever used, and limit what you can and cannot do.
For instance, some Rental Car Reimbursement" coverage is almost $100 a year for each vehicle on your policy. So if you have two cars, you'll spend almost $2,000 on rental car coverage in the next 10 years - and likely never even use it.
And "Roadside Assistance"? The Piece-of-Mind it offers gets trampled by the premiums the Car Insurance Companies want for this coverage. A better option for Roadside Assistance is AAA.
Strategy 11 -Terminate Comprehensive & Collision Coverage On Older Cars
If you have an older car - by that I mean one that's worth less than$2000 wholesaleThe Amount a Car Dealer would give you if you were Trading it in. Click this link to find out your Cars Value - cancel any Comprehensive and Collision Coverage you have or decline that option when getting a new car insurance quote.
Here's why - If an 8 year-old car and a brand new car have identical damage, the cost to repair both will be identical as well, even though the 8 year-old car is worth next-to-nothing.
You see, the cost of a Bumper and a Fender are the same - whether it's for a brand new car....or one that is 6 years-old. That's why your premiums don't go down as the value of the car goes down - your payments remain almost the same, year-after-year-after-year.
BUT, the bottom drops-out of what you'll be able to collect on that older car. For instance, if your car is "totaled", your Insurance Company will only pay you the Wholesale value of your car.
So, let's say your Car is worth $1000, but the total damage is more than $4000, the Insurance Company is only going to give you a check for $1000....minus your deductible, of course.
So you might end up getting $500 back. Sounds like a lousy deal....but that's how it works.
So, the rule-of-thumb is this - cancel your Comp & Collision Coverage when your vehicles value is less than $2000....or you'll be throwing your money away.
Strategy 12 - Poor Credit = Higher Insurance...Fix it.
Every single Car Insurance Company in the U.S. eventually gets around to checking your credit. If your Credit is "dinged", work on fixing it. It'll cost you a fortune.
The first thing you need to do is....get yourself a Credit Report. By law, everyone can get a FREE Credit Report once a year. When you can get your free report depends on where you live. You can check with Annual Credit Report.com for more information.
If you're Credit is questionable, and you decide to get some help, be careful who you turn to - many groups claiming to help are crooks. If you're into self-help (which we highly recommend) take a look at these suggestions for Credit Repair.
If you decide to get outside help, make sure they are a Non-Profit Group - a 503(c).
Don't even talk to another group or organization. And make sure you check with the Better Business Bureau to see if that company you're thinking about using has a positive rating.
************************************************** Insweb Car Insurance* Electric Insurance Company* GEICO Car Insurance* Insurance Finder Car Insurance Quotes Insurance.com Car Insurance Quotes* USAA Insurance - For active duty and former Military Personnel, their Spouses, ex-spouses and dependents. My Insurance Company. AARP Car Insurance Quotes AIG Car Insurance Quotes
OK - You've done you're homework. You now know how to Slash a HUGE chunk off your Car Insurance Cost's, or how to get the absolute lowest car insurance quotes.
Now it's Time To Put It To Work.
You need call your Insurance Company and make the changes. Or, visit 3 or 4 of the following Car Insurance Companies. Remember, those marked with an asterisk typically have the largest discounts.
- Fast Service and offers you coverage from GMAC, Amica and Liberty Mutual....one of the top discounters.
One of my favorites - Originally started by General Electric for it's Employee's only (they have some of the best Employee Benefits in the U.S.) - now it's open to you. They don't offer coverage in every State - if they do offer it in yours, good for you. Another one of the top discounters.
- like their TV commercial says - save 15% or more.
- Easy Process....and Quick.
- Try the Premium Quotes Service that offers a side-by-side comparison from Companies such as the Travelers, Liberty Mutual, The Hartford & MetLife - one of my favorite sources.
- Only Drivers 50 and over qualify. If that's you, give them a look.
- A Huge Company - And very often has the lowest rates.
As you look thru that list, remember you can Save 10% -20% more by doubling-up - meaning get a quote for your Homeowners/Renters Insurance as well.
Having both Insurance Policies with the same Company will typically get you an additional 10% - 20% Discount.
Put these Strategies to work as soon as you can - and take back the money that belongs to you!
Let Us Know if you think a "Printable" Car Insurance Comparison Page would be helpful. You'd be able to know note what you have, what it costs, what you need & how much you save....right at your fingertips. Just click here to let us know....then press send.
I do have an obligation to point out that not all Car Makers, Dealers, Salespeople, Insurance Companies and Banks are greedy or crooked. This site is dedicated to honest Companies and their Professional Employees who've grown weary of the ignorant and classless giving the automotive related industry a black eye......a black eye that I feel is very close to being permanent.
By using these new and used car guides, I hope to be able to help you find the Best Businesses, and the Professionals that represent them, with very little effort on your part and help you....
Save More Money and More Time Than You Ever Have Before.
It is also my hope that these Companies and the Professionals that represent them will have more business than they can handle - a reward they justly deserve.
Thank you for visiting My New Car Purchase - and please take 5 seconds to or perhaps let a friend or relative know about us - Click here to send this page to a friend.
I guarantee that you will have an exceptional experience the next time you buy a car, van, truck or SUV - again, thank you for visiting this Web Site!
Tom O'Leary - "A Concerned Dad....and Automotive Analyst"
New Car Purchase - Exceptional New Car Purchase Advice and Automobile Purchase Strategies for your next new car or used automobile purchase.
Feel free to e-mail me at: Tom at my new car purchase (no spaces) dot com - or take a few seconds to send a question or comment by Clicking here
P.S. Make sure you check out the My New Car Purchase Blog.
To see specific information on how to have the best new car purchase you've ever had, click on the My New Car Purchase links listed below.
