Insurance to meet your needs.

Family in carNo one enjoys paying for insurance. Insurance for many is viewed comparatively with gambling, you pay premiums in the off chance an accident might occur in which you need to make a claim. If there is no accident, the money you paid in doesn’t benefit you (expect for your peace of mind). Gamble or not, being part of an insurance risk pool is a necessity for many reasons, some legal and some personal to safeguarding your finances and investments.

It may seem like many factors that go into calculating your insurance premiums are outside of your control such as where you live, if you already had accidents or tickets in your past, your age, and so on. Luckily there are a few things you can still choose to do in order to lower your overall insurance costs.

#1. Paying Your Insurance Premium For The Year In Full Upfront

Your car insurance premium is actually quoted as an annual amount. You can choose to pay it upfront in full once a year, or you can break it down into even monthly payments. Insurance companies prefer the lump sum payment and will reward you with discounts if you choose this payment arrangement. For a lot of people this is a great choice because it gets the bill out of the way upfront and works well for people with unpredictable monthly incomes. If you do not have the lump sum you can certainly break it into monthly payments and forgo the discount, there might also be additional service fees for paying monthly.

#2. When Electing To Pay Monthly, Use Auto-Draft To Get A Discount

If you do have to pay monthly, there are service charges for each payment. You can reduce or eliminate the service charges often by enrolling in auto-draft. This means that instead of a monthly bill being sent to you to pay, the money will come out of your bank account automatically on a set day each month. Insurance companies will reward you for using this reliable payment form.

#3. If Possible, Choose A Plan With A Higher Deductible

If a higher deductible is within your means, you can save money on the premium by selecting a plan with a higher deductible. You will pay less in set premiums and pay the higher deductible amount only if you have to make a claim. This is a great option for a low risk driver.

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NOTICE: This blog and website are made available by the publisher for educational and informational purposes only. It is not be used as a substitute for competent insurance, legal, or tax advice from a licensed professional in your state. By using this blog site you understand that there is no broker client relationship between you and the blog and website publisher.
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