You finally bought your dream car. You have worked hard and saved money to purchase your baby. You and your wife had an agreement. You could stash a little extra aside each month for your sports car, as long as she could stash a little extra aside each month to start her antique business. The kids are grown and in college, and itâ€™s time for you two to enjoy life. You bought your baby and sheâ€™s looking at store space. Now, itâ€™s time to save even more money, and you can start with your car insurance.
1. Work With an Insurance Professional
Purchasing your dream car does not have to be a death sentence to your budget. Yes, you will pay more for automobile insurance coverage for a sports or luxury vehicle, but you still have ways to save money, as well. Unless you are an insurance agent, you donâ€™t know the loopholes, however. This is why itâ€™s wise to work with a local insurance agency to secure the automobile policy for your baby. Agents are experts in all things insurance, and they know how to get you the best coverage at the lowest cost.
When you meet with an insurance agent, he or she will go over your new car with you. The make, model and year of your vehicle arenâ€™t the only important details. The agent will also discuss all of the vehicleâ€™s features. The most important ones are the safety features, as these will save you money on your automobile insurance coverage. The safer your baby is in an accident, the less liable the insurance company is, which translates to lower premiums.
The agent will also discuss other cost-saving options with you, such as fuel efficiency, whether your vehicle is a hybrid, and whether you have paid it off in full or will be making monthly payments. Another thing the agent can help you with is your insurance payments themselves. Some companies will lower your premiums if you pay your policy off in full at once, others might offer monthly payment incentives. The agent will know the best approach to saving you money on your policy.
2. Combine Your Policies
Another thing to discuss with the agent is combining your insurance policies for maximum cost savings on all of your coverage. Insurance companies love it when theyâ€™re customers allow them to underwrite automobile, home, life, business, health and other insurance needs. The more business you give them, the more premium they receive. As such, insurance carriers have found that combining all coverage under one affordable policy boosts business and many are doing so.
When you take into account that you need to insure your home, your cars, your wifeâ€™s new business, your college kids, etc., you could see some signification savings if everything is covered under one umbrella. Talk with the agent about the best way to combine policies for greater savings. Insurance agents are experts in doing this, and they know the best companies to approach.
3. Be Flexible
To realize the best insurance savings for your baby, you must be willing to be flexible. Combining your policies as discussed above is one way to do so. Another way is to take additional driverâ€™s education or allow the insurance company to monitor your driving. If you are 55 or older, many insurance companies are offering senior discounts to drivers who are willing to put their driving skills where their mouths are. Yes, you are an experienced driver which makes you a safer driver, but are you willing to prove it? Talk with the insurance agent about adding a tracking device to your baby or taking drivers classes for additional coverage savings.
These are just three ways you can save on your automobile coverage. An insurance agent can offer more suggestions to get you affordable coverage for your new baby.
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