If you’ve recently changed cars, maybe purchased a newer, more expensive model, then you might have been surprised at how much your car insurance has gone up as well. There are many factors that go into the ratings, car age, cost, driving record, how expensive it is to repair, and even the weather in your particular area. Let’s take a quick look at some ways you can get full coverage car insurance for less money.
If You Have A Loan On Your Car, You’ll Need Full Coverage
One of the reasons your insurance may have gone up, is that your old car didn’t have full coverage on it, but the new car requires it because of the bank loan. Full coverage is the insurance that covers your car in the event that it is stolen, vandalized, damaged by storms or hail, broken into, or wrecked in an accident.
If you had an older car before, one that wasn’t worth a lot of money, and not worth stealing, then you could have avoided getting full coverage at all, or having it was far less because the cost of replacing your car was so low. Now that you have a newer car, more worth stealing, with a loan on it, you’ll need to get full coverage insurance.
You Can Reduce Your Rate By Increasing The Deductibles
One way to reduce your insurance premium is to increase the deductibles on your comprehensive and collision coverages. But, you’ll have to ask yourself how long has it been since you had an accident, hail damage, broken windshield, or other claim because you’ll be on the hook for the first $500 or $1,000 of damage if something does happen.
You can partially reduce your risk by increasing the comprehensive coverage, but then buying a special glass policy if a cracked windshield is the most likely loss you’ll have, then you’ll save some money. Collision is often the most expensive coverage as that covers your car’s repair bills if you have an accident that is your fault. If you’ve never had an accident, then increasing this deductible would be low risk for you. Ask your agent if the rates also go down if you park your car in a garage instead of the street, this significantly reduces the chance of it getting stolen, burglarized, vandalized, or ruined by hail.
Getting full coverage car insurance doesn’t have to be the end of the world, but many times you can contact several different agents online to find out all the different small things you can do, to lower your rates without increasing your risk.
