How To Squeeze Every Last Penny From Your Car Insurance Policy |
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Winston Takeda
November 23, 2012
Most people think of car insurance as that necessary evil to be dealt with only when necessary. And that is only to pay the bill when it comes. And for most people, the only reason they do this is so they can show their insurance card if they get pulled over. But the reality is that your auto coverage is an incredibly important part of your financial life. You could easily end up in horribly painful financial turmoil if you don't understand these things.
First of all, you need to know what you're covered for. Many people make the mistake of only getting the minimum coverage required by law. This can leave you with some gaps if you aren't careful. And guess who is going to be filling those gaps? You are, that's who! So make sure you've got enough. Sit down with your agent and have them explain everything to you.
It's also important to always be shopping around. Generally speaking, a policy is for six months or a year. So it's a good idea to start shopping around a month or so before it comes due. This is incredibly boring and there are plenty of things you'd rather be doing, but unless you enjoy wasting money, you should make an effort.
Keeping a clean driving record is also important. If you get any traffic tickets, always go to traffic school whenever possible to keep them off your record. Drive the speed limit and never drive while drunk. If you have even one DUI, you'll be paying through the nose for a long, long time.
Keeping down the miles you drive is also important. Sure, it's fun to drive around places, but if you can, consider taking the bus. This can keep your costs low while allowing you to meet some interesting people. You never know!
Finally, make sure you've got some kind of alarm on your car, especially if you live in a bad neighborhood. This will lower your premiums because your is less likely to be stolen, especially if it's got some kind of vehicle recovery GPS system.
To be sure, nobody likes to think about these things. But think about them you must if you want to avoid a catastrophic destruction of your financial life that will reverberate for years to come. Take the effort not to prevent this from happening, and you'll be much happier. Now get out there and get shopping.
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