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Auto
Insurance: You'd Better Shop Around
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The Insurance Information Institute offers these suggestions to help you
save money on auto insurance:
- Comparison shop--Surf the Internet, ask your friends, or call your
state insurance department for names of companies to contact for fair prices
and
personal service.
- Ask for a higher deductible--A deductible is the amount of money you
pay when making a claim. Carrying higher deductibles can reduce premium
costs
substantially. For example, increasing your deductible from $200 to $500
could reduce your collision and comprehensive costs by 15% to 30%.
- Drop collision and/or comprehensive coverage on older cars--If your
vehicle is worth less than $1,000, you'll probably pay more for coverage
than you'd
collect on a claim. Ask a loan officer at BayLands Federal Credit Union
to tell you the value of your vehicle.
- Buy a "low-profile" car--Explore insurance
costs before you buy a new or used vehicle. Vehicles that are expensive
to repair or that
have a high theft rate generally have higher insurance costs. Check out
the Highway Loss Data Institute's list of injury, collision, and theft
losses
at www.carsafety.org.
- Take advantage of low-mileage discounts--Some companies offer discounts
to motorists who drive fewer than a certain number of miles each year.
- Ask about discounts for automatic seat belts or air bags.
- Ask about anti-lock brakes--Anti-lock brakes improve steering
control when you brake, reducing accidents. Some states, including Florida,
New
Jersey, and New York, require insurers to give discounts for vehicles equipped
with
these brakes. Some companies provide this discount nationwide.
- Inquire about other discounts--Some companies offer discounts for insuring
multiple vehicles, having no accidents in three years, being a driver
older than age 50, taking driver training courses, or using anti-theft
devices.
And find out if your teen driver qualifies for a good-student discount.
Copyright 1999 Credit Union National Association, Inc. Information subject
to change without notice.
For use with members of a single credit union.
All other rights reserved.
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