Finance Globe

U.S. financial and economic topics from several finance writers.
2 minutes reading time (377 words)

Why Continue to Pay so much for Car Insurance?

If you look at your car insurance statement and realize you are spending too much on coverage, it may be time to make a change. Do you really want to overpay, month in and month out?

Although you may feel that you are stuck, nothing could be further from the truth. There are changes you can make to lower the cost of car insurance, subsequently saving money on a monthly basis.

Here are five steps to consider:

1. Contact your current car insurance agent to discuss your premium. Before you make a change, give your agent the chance to explain your policy and why it costs what it does. You may find that you don’t have to change to another company, but instead adjust your current coverage.

2. Alter your policy, but only if you feel comfortable doing so. As noted above, this is something you should discuss with your car insurance agent. For example, can you increase your deductible as a means of lowering your premium? If you are comfortable paying more out of your pocket in the event of an accident, this is an idea to consider.

3. Contact other car insurance companies. This is something you should do before you cancel your current coverage. Request a quote for the same type of policy that you currently carry. This gives you the chance to compare “apples to apples,” and determine if you are paying a fair rate for coverage.

4. Ask about discounts. It is safe to assume that your current company has applied some discounts to your policy. But are you taking advantage of every discount you qualify for? You will never know the answer to this question until you ask.

5. Take your time. There is no denying the importance of buying the right car insurance policy at the right price. However, you don’t want to make a mistake because you are in a hurry. Take the time to review your current policy, speak with your agent, and request quotes from other companies. It may take you a few days to finish things off, but in the end it is well worth the time.

Why would you want to overpay any longer for car insurance? The steps above can help you save money.
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Thursday, 02 February 2023

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