Car Insurance Rate – A Few Circumstances That May Lower The Rate You Are Paying

Last year when purchasing a car insurance policy, insurance agent suggested that they had to charge me higher premium due to an accident I had two years ago. He advised that my premium would be reduced after three years have passed from the date of the accident. This year when I received bill for my policy and saw no change in my rate, I went ahead and obtained few online quotes. Majority of the quotes were significantly lower than the rate I was paying. So I called the insurance agent to inform him about my findings, after checking few things he agreed to lower my insurance rate. From this experience I have learned that insurance company may not be automatically reward you the discount you are entitled to get for your car insurance policy.

Many of us only review and change our insurance policies when we buy a new car or move to a new place. But there are plenty of other circumstances when you should take a look at you insurance policies. Here are few such situations:

Three or more years have passed since you had any accident or citation: This is the most important one and should reduce your car insurance rate significantly. After I called my agent my premium was lowered by 30%, but the amount of discount will vary for everyone.

You or a family member obtained a new car or a home: Most insurance providers offer lower insurance rate for insuring multiple policies from them. In most cases it is a good idea to obtain all the policies from the same insurer. There may be circumstances when it is a good idea to obtain them from different providers.

You have changed job: Many insurance companies offer lower car insurance rate for certain professional group so you should find out if such discount is offered for your new profession. Also, with the new job your driving habit may change. For example, you may be driving fewer miles than you were with your previous job. In many cases this will lower your rate.

Your family situation has changed: This can be a situation such as you got married or your spouse stopped working. When you get married consider combining your spouse’s insurance policy with yours, because majority of the insurance companies offer multi-car discount. Another situation: You or your spouse stopped working and the second vehicle is now only driven occasionally. In this case the second vehicle can be treated as entertainment vehicle and many insurance companies will lower your car insurance rate because of this switch.

Your credit rating has improved: You have reasons to believe that your credit score has significantly improved. You should obtain a new quote to see if you are able to lower your car insurance rate with the new credit score.

These are just few of the circumstances and there are many more such situations that can lower your car insurance rate. Insurance is a necessary expense for car owners and there is no way to avoid it but there is certainly ways to lower your car insurance rate. It is always a good idea to verify that your insurance rate is an appropriate one for your current situation. When the opportunity arises to review your car insurance policy, take it. Inquire about any discount, obtain few quotes and you may be pleasantly surprised at what you find.

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What Specifies Your Car Insurance Rates?

Car insurance rates are quite exorbitant today more than ever before and when you factor in the fact that the prices of gasoline are on a record high, no wonder a lot of families tend to struggle to pay their insurance bills every month. The problem is that these rates will vary from time to time. If high car insurance rates are an issue to you, what can you do?

Keep in mind that the auto insurance industry is a massive one, and a very competitive one at that. As new companies emerge, the rates will vary from time to time as the companies will basically be competing to get business. The question as to whether its possible to reduce the cost of your auto insurance rates is yes, but only if you change your behavior and get a comprehensive understanding of how the auto insurance rates are assessed.

Car insurance rates are assessed based on the risk level. While insurance companies will vary their auto rates in order to compete with their competitors for your business, they will also vary the rates after assessing the extent of risk a driver driving a certain car subjects the company to. This is to say that it would be fruitless to get your business by extending a low insurance rate yet you are a high risk driver.

As such, if you reduce your risk, you automatically reduce your car insurance rates but how do you do that? There are certain ways that your mode of driving as well as the type of your car will affect the rates of your car insurance. Examine the car that you have, is it fit for your needs? If not, why don’t you change it for the time being?

Note that different cars will have different auto insurance rates. A car prone to theft, a high powered car, and a sports car will attract very high insurance rates. Do you consider yourself a safe driver say by sticking to the speed limit and observing traffic rules? A lot of people will not think of the repercussions of driving offenses and speeding tickets until their insurance bill arrives at their doorstep.

If you are a clean driver, you will be rewarded using cheap rates and if you are a high risk driver, expect to be penalized with high rates – quite fair isn’t it? If you would love to attend driving refresher courses, your insurer is likely to offer you a discount because this means that you’re reducing your risks. If you can also drive less i.e. opt to car pool, you are also likely to get low insurance rates because the lesser the miles you have drove, the lesser the risks involved.

As you may have noticed, car insurance rates are directly proportional to the extent of risk, your behavior and the kind of car that you drive. By knowing these key factors, you will be well equipped with information on what determines the rate hence be able to make the right adjustments in order to get the best possible rates to suit your needs.

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