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Auto Insurance Tips: 5 Tips to Help You Review Your Auto Insurance Coverage

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Use these car insurance tips the next time you're reviewing your policy to help make sure you have enough coverage and potentially save some money.

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Auto Insurance Review Tips

  1. Check your rate. If you’ve been with the same insurer for a long time, it may be hard to find a better rate. But it does make sense to check annually. Consider getting a quote from an insurance broker. Because brokers work with a number of different insurance carriers, they can automatically comparison shop for you to get the best coverage at the best price.
  2. Look at consumer ratings. On the flip side, shopping exclusively for the best rate may not ultimately save you money. A less than top-rated insurer may be difficult to work with by under estimating your loss or unfairly increasing premiums if you have to make a claim.
  3. If your car is still under warranty. Be aware that most standard policies do not cover the higher cost of original-equipment replacement parts. Having your car repaired with after-product parts instead of original-equipment could void your car’s warranty. While original-equipment coverage is often available, you must specifically ask for it and be aware it will increase your premium cost.
  4. Review your deductible. If you have a good driving record and can afford to cover a potential loss, increasing your deductible can offer significant savings. But it’s important to plan ahead: Consider setting aside funds to cover the higher deductible amount. That way, if your luck runs out and an accident occurs, you’ll have the needed funds.
  5. Ask about discounts. One of easiest ways to decrease the cost of auto insurance is to ask your agent about discounts you may qualify for.
  • A common way to save is to have your auto and homeowners insurance with the same company.
  • Anti-theft and safety features can also reduce premiums.
  • If your commute is shorter or you’re just driving less, let your insurer know. Your annual mileage is a major factor in determining your premium cost.
  • And if your driving-age kids make good grades or have completed a driver training course, it could cut your premium. Also, ask about discounts for in-car devices that provide speed alerts if your teen exceeds your selected limit.

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