A lot of reports discuss saving money on your auto insurance. The problem with many of those reports is the suggestions provided only translate into savings of $20 or so a year.
We want to give you five tips to save hundreds of dollars on your policy.
The best part is our suggestions don’t have anything to do with eliminating coverages or decreasing limits.
1. When Purchasing a Car, Factor in the Cost of the Insurance
While many people intuitively know insurance on an SUV is more expensive than a sedan, very few understand the factors that make it more expensive.
Here are the vehicle factors that will drive (no pun intended) up the price of your auto insurance:
- Vehicles with a lot of horsepower
- Vehicles with high repair costs
- Vehicles with fewer protection devices
- Vehicles with higher damage costs in accidents
- Vehicles with high theft rates
- Vehicles that cause more elevated amounts of damage to other vehicles
Also, remember that just because a vehicle has a high safety rating does not mean it carries a low insurance cost. The vehicle could still becostlye to repair or susceptible to theft.
Insurance companies will also consider the average demographics for a particular vehicle. For example, minivans are often driven by moms who avoid going at peak hours, at night, or aggressively, so they tend to be cheaper to insure than some standard sedans.
Taking into account all of the factors listed above, here are the Top 10 most miniature expensive vehicles to insure:
- Mazda Tribute I
- Honda Odyssey LX
- Chrysler Town & Country LX
- Jeep Wrangler X
- Dodge Grand Caravan SE
- Toyota Sienna CE
- Hyundai Tucson GLS
- Kia Sportage LX
- Hyundai Santa Fe GLS
- Jeep Patriot Sport
2. Ask About Discounts
Most carriers have several discounts available to qualifying drivers. It is always good practice to confirm with your agent that you are receiving the maximum number of discounts available.
Here are some of the most common discounts:
- Multiple vehicles on the same policy
- Auto and Home Insurance with the same company
- Participation in driver education/safety courses
- Good student driver under age 25
- Mature driver (between 50 and 65 years of age)
- Being a member of a particular association or employer
- Airbags or other safety equipment
- Anti-theft devices
- Car Tracking Systems (LoJack)
3. Keep a Clean Driving Record.
Insurance company statistics show that drivers with just one violation are much more likely to be involved in an accident at some point in the future.
Therefore, drivers with clean records will typically have much lower rates and qualify for more discounts on their auto insurance than drivers with even just a minor fender bender or speeding ticket.
If you live in the Arvada or Denver Metro area and would like to see how we can help you save on your auto insurance, please give our office a call.
