With the global recession now resurgent, loans and insurance are at an all-time high. The upcoming Presidential elections might bring about a respite, but in all probability, it will be short-lived.
Auto insurance, of course, is one of the trickiest sectors of the US economy. Automobile manufacturers, plagued by constant recalls and dwindling demand, have made sure the insurance companies have tightened the noose around their clients.
We’ve all fallen victim to the auto-renewal clause in most of our policies, but these dark times call for austere measures.
Here are a few ways to get yourself the cheapest auto insurance quotes.
Most users are suckered into paying twice for the same service. For example, did you know that your current credit card scheme might already include free roadside assistance? American Express Platinum cards, in particular, have a special provision to cover roadside assistance, making the same clause in your auto insurance redundant. Read your credit card facilities carefully to see if you’re covered.
If you have multiple vehicles, make sure the same insurance company covers you. Most companies offer discounts for multiple vehicles. Even it seems, prima facie, that multiple policies might make more financial sense, contact your insurance provider to check for the best rates.
As with any service, it’s always cheaper to pay on an annual basis, instead of a monthly one. Sure, your finances will take a quick beating, but if you’re planning ahead in life, paying in one go will ensure the cheapest insurance.
Even though it isn’t specifically mentioned in your policy, most auto insurance firms check your credit score before insuring you. Therefore, it’s always in your best interests to keep a high credit score. (However, California and Massachusetts forbid insurers from checking your credit background).
Familiarize yourself with the concept of a ‘deductible’. That’s the specific, per-decided amount you pay for damages, from your own pocket, before the insurance company sets in. If your vehicle was purchased via a bank loan, it’s obviously in the bank’s best interests for your deductible to be as low as possible. However, it’s in your best interests for the deductible to be as high as possible, since that saves you hundreds of dollars a year on policies.
Keep these points in mind, especially if you’re looking to lock your pockets and survive this tsunami of an economy.
Auto insurance, of course, is one of the trickiest sectors of the US economy. Automobile manufacturers, plagued by constant recalls and dwindling demand, have made sure the insurance companies have tightened the noose around their clients.
We’ve all fallen victim to the auto-renewal clause in most of our policies, but these dark times call for austere measures.
Here are a few ways to get yourself the cheapest auto insurance quotes.
Most users are suckered into paying twice for the same service. For example, did you know that your current credit card scheme might already include free roadside assistance? American Express Platinum cards, in particular, have a special provision to cover roadside assistance, making the same clause in your auto insurance redundant. Read your credit card facilities carefully to see if you’re covered.
If you have multiple vehicles, make sure the same insurance company covers you. Most companies offer discounts for multiple vehicles. Even it seems, prima facie, that multiple policies might make more financial sense, contact your insurance provider to check for the best rates.
As with any service, it’s always cheaper to pay on an annual basis, instead of a monthly one. Sure, your finances will take a quick beating, but if you’re planning ahead in life, paying in one go will ensure the cheapest insurance.
Even though it isn’t specifically mentioned in your policy, most auto insurance firms check your credit score before insuring you. Therefore, it’s always in your best interests to keep a high credit score. (However, California and Massachusetts forbid insurers from checking your credit background).
Familiarize yourself with the concept of a ‘deductible’. That’s the specific, per-decided amount you pay for damages, from your own pocket, before the insurance company sets in. If your vehicle was purchased via a bank loan, it’s obviously in the bank’s best interests for your deductible to be as low as possible. However, it’s in your best interests for the deductible to be as high as possible, since that saves you hundreds of dollars a year on policies.
Keep these points in mind, especially if you’re looking to lock your pockets and survive this tsunami of an economy.
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