You'll pay lower rates if you elect to pay your premiums annually and not monthly. The ads may show that monthly paymenst are less stressful but what you don't know is how much extra you pay for this..
Every check that is processed attracts a charge. For 12 checks (that is, your monthly payments) you will have a sum of twelve transactions. You'll then have to pay the sum of 12 transaction fees..
That's just part of it: Insurance companies also incure certain admnistrative costs for your monthly premiums. For instantce, it monetrily involed to send payment notices each and every month.
These costs plus a profit margin for this feature is factored into your premium making it more than a similar profile that pays annually every year.
Cheap auto car insurance
Insurers give give customers who have remained loyal a long term discount and accident forgiveness. Some insurers will give you up to 5% in discounts once you've been with them for up to three years while others will give you such a discount only when you've stayed for up to five.
The accident forgiveness discount means that your insurer will not raise your rates if you file just one claim. Insurers offer these as incentives to keep you with them since it serves them better too.
But it will only be right for me to also point out that in spite of these incentives, you might actually gain more if you switch to another insurer.
"Pimping your ride" does NOT help if you want lower rates. If you want to impress your friends with those extra special features like bigger types than the manufacturer's specification, then be prepared to pay a lot more. Any changes to your vehicle takes your rates up.
Young drivers are statistically very bad risks. Even in this age bracket, a 23-year old driver will pay much less than a 17 year old all other things being equal.
Therefore, as much as possible, do not place such a driver on your own policy. It will have an adverse effect on your rate. Your teen driver should have his/her own policy. This will be made possible if you sign an exclusion form.
If a teen is keen on driving then then should be made responsible for at least the cost of their auto insurance. This act will save you more than money as your teen driver will happily listen when suggestions are made on things that will bring down the high rates they pay. Your teen will also be safer as the steps that will bring down his/her rates will make her a more responsible behind wheels.
Your might be paying a lot more than you should because of some really unnecessary add-ons like towing. Have you checked to see if your credit card doesn't already offer this as added value?
Even if yours does NOT add this kind of service, a dedicated towing service from a third party will serve you better and save you more than adding towing to your auto insurance policy.
And...
Make out some time to visit a minimum of five insurance quotes sites that return quotes on auto insurance policies. Doing this should require around 25 minutes.
While you visit each quotes site, ensure you give the same information. Doing otherwise will produce misleading quotes. After you've received your auto insurance quotes, compare them to determine which serves your interest best both in price and value.
Every check that is processed attracts a charge. For 12 checks (that is, your monthly payments) you will have a sum of twelve transactions. You'll then have to pay the sum of 12 transaction fees..
That's just part of it: Insurance companies also incure certain admnistrative costs for your monthly premiums. For instantce, it monetrily involed to send payment notices each and every month.
These costs plus a profit margin for this feature is factored into your premium making it more than a similar profile that pays annually every year.
Cheap auto car insurance
Insurers give give customers who have remained loyal a long term discount and accident forgiveness. Some insurers will give you up to 5% in discounts once you've been with them for up to three years while others will give you such a discount only when you've stayed for up to five.
The accident forgiveness discount means that your insurer will not raise your rates if you file just one claim. Insurers offer these as incentives to keep you with them since it serves them better too.
But it will only be right for me to also point out that in spite of these incentives, you might actually gain more if you switch to another insurer.
"Pimping your ride" does NOT help if you want lower rates. If you want to impress your friends with those extra special features like bigger types than the manufacturer's specification, then be prepared to pay a lot more. Any changes to your vehicle takes your rates up.
Young drivers are statistically very bad risks. Even in this age bracket, a 23-year old driver will pay much less than a 17 year old all other things being equal.
Therefore, as much as possible, do not place such a driver on your own policy. It will have an adverse effect on your rate. Your teen driver should have his/her own policy. This will be made possible if you sign an exclusion form.
If a teen is keen on driving then then should be made responsible for at least the cost of their auto insurance. This act will save you more than money as your teen driver will happily listen when suggestions are made on things that will bring down the high rates they pay. Your teen will also be safer as the steps that will bring down his/her rates will make her a more responsible behind wheels.
Your might be paying a lot more than you should because of some really unnecessary add-ons like towing. Have you checked to see if your credit card doesn't already offer this as added value?
Even if yours does NOT add this kind of service, a dedicated towing service from a third party will serve you better and save you more than adding towing to your auto insurance policy.
And...
Make out some time to visit a minimum of five insurance quotes sites that return quotes on auto insurance policies. Doing this should require around 25 minutes.
While you visit each quotes site, ensure you give the same information. Doing otherwise will produce misleading quotes. After you've received your auto insurance quotes, compare them to determine which serves your interest best both in price and value.
About the Author:
Learn more here: Auto insurance in Virginia. Chimezirim Odimba is an insurance expert.
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