Uncovering Discounts on Auto Insurance Policies

Man calculating expensesFamilies have options if they want to lower their insurance costs, said a report.

Researching quotes ahead of time and looking for discounts are just a few ways that consumers can cut their insurance bills in half, reported USA Today.

Drivers should first research the value of their car to see if they’re paying more for coverage they don’t need, since auto insurance companies will only reimburse the current value of a car that has been totaled, explained the report. Sometimes, older vehicles depreciate so much in value that paying for collision or comprehensive coverage isn’t worth it. Owners should get rid of collision and comprehensive if the value of their car is less than 10 times the premium, advised USA Today, citing the Insurance Information Institute.

In other cases, drivers who are confident that they can afford to pay $500 to $1000 out-of-pocket after an accident might save 40 percent a month by raising their deductible, an expert told the paper.

Consumers should also hunt for good driver or low mileage discounts, said the paper.

About John Pirro
John Pirro is a licensed fire and casualty insurance agent specializing in various aspects of the auto insurance industry. He worked in the auto body repair industry before taking a reporting position at Online Auto Insurance News.

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