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Ron White is a blue collar comedian who tells a great tale about a man who, in the face of an oncoming hurricane declares that he's in great physical shape, so he's going to chain himself to a tree and tough out the storm. "I want to let you in a secret. It's not 'that' the wind is blowing, it's 'what' the wind is blowing. I don't care how many sit-ups you can do, when you get hit by a Volvo flying through the air it's going to ruin your whole day". Car insurance is just like that. It doesn't matter how good a driver you are, chances are at some time you're going to be put into situation where you're unable to get out of the way of someone who's just not in control. If the other driver is not insured, and you don't have your own cover then it's going to be an expensive time. Even if you're not required by law to be covered by car insurance, the prudent driver will minimize financial exposure by obtaining a policy. There are however steps that you can take to save money on your car insurance. Of course, the first and foremost factor is your accident-free driving record, and that's just going to take time to improve - with careful driving. Think twice about pushing past the speed limit, that's going to cause a premium increase that's rather more inconvenient than arriving at your destination few minutes later. There may just be a way to get around the short driving record; consider naming a more experienced driver on your policy. The extra driver may improve your overall profile when the Insurance company calculates your premium. I often see drivers advised to give up their high-value car and to purchase a cheaper, older model instead... yeah, right. I think most people would have to be hard pressed to trade down, with all the associated service and maintenance costs. It may however be possible to upgrade your vehicle with new accessories and to lower your insurance costs! Safety equipment such as automatic running lights and ABS brakes will be looked on favorably by some Insurers, who may reduce your premium. Fitting an alarm system and vehicle tracking system such as LoJack is particularly effective, and will repay the outlay expense in time. Many people use different insurers for different types of insurance policy, but significant savings can be obtained by moving all your policies (life, car, rental or home) to the same insurer. Be sure to weigh the benefits of long-term loyalty schemes against the savings to be had from switching insurers. When the time comes to renew your insurance, be sure to shop around first. Take a look around, and you'll find links that will take you to individual insurers, or even better, to companies who can get you several different quotes from which you can select the insurer who gives you the best coverage at a lower premium than you're paying today. One last thing... once you've got that shiny new quote that saves you a ton of money, don't be afraid to go back to your current Insurance agent - they may be motivated suddenly to see what they can do to adjust your renewal price! |
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