Save 40% on car insurance in 4 easy steps
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Tricks to save more than 40% on car insurance premium on annual basis by following four simple steps.
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Save 40% on car insurance in 4 easy steps
- 1. Car Insurance Premium - $1,000 Click here to watch complete video
- 2. Car Insurance Premium - $600 4 steps Save 40% $400
- 3. 10% Extra premium for winter months 1 - Use public transport - Car pool with one of your friends and share costs - Get help of your parents
- 4. 15% Average savings by choosing safer zip code to stay 2 - Before you decide on your first independent place, assess the risk of zip codes by getting quotations for car insurance 1 10% Extra premium for winter months
- 5. 10% No claim and short distance bonus 3 - If you are a student, share with insurance company route of your college - Don’t claim for petty amounts 1 10% Extra premium for winter months 2 15% area risk premium
- 6. 4 5% Miscellaneous - Get insured along with your parents under combined policy - Choose car models wisely - Avoid health cover - Don’t go for full cover for an old car - Avoid toeing services 1 10% Extra premium for winter months 10% No claim and short distance bonus 2 3 15% area risk premium
- 7. 1 10% Extra premium for winter months 2 15% area risk premium 4 5%Misc. 3 10% No claim and short distance bonus
Editor's Notes
- Hello friends and welcome to my video about tips to save car insurance cost. According to National Association of Insurance Commissioners, average auto insurance premium in USA is in the region of $1000.
- We will look at four steps to reduce your auto insurance premium by at least 40%. Before, I begin, let me request you to please leave your comments for this video.
- Now let us discuss, first step. Due to difficult conditions in winter months, risk of your car getting in trouble increases and so does your insurance premium. By not less than 10%. Why pay this additional premium when you can: Use public transport Car pool with one of your friends and share costs Get help of your parents Its not just insurance, but the increase risk of accident which makes me advise – AVOID DRIVING. If you want to know more about winter insurance premium, savings in insurance cost on buying winter tyres, etc lookout for the link of relevant video in the description below. Now, next step for saving car insurance premium:
- Another important factor affecting your car insurance cost is the risk rating of the area where you live. So if you live in a high risk prone area, there are higher chances of you and your car getting in trouble, and therefore, there is higher car insurance. Let me give you two interesting examples here: 1. Car insurance premium in Laughlin, Nevada is around $1200. Now if you move hardly 3 miles across Colorado river to Bullhead Arizona, your car insurance premium is approximately $700. That is roughly 40% savings for a distance of 3 miles. 2. In total 24 sq. mile are of Manhattan, car insurance premium ranges from as low as $1,800 to as high as $2,800. This difference is also in the range of 35-40%. Therefore for youngsters, it is safe to assume that you can save 15% by planning your zip code properly. So, when you decide to move out from your parents house and are looking for your first independent place, keep this factor in mind. It will not only save you handsome insurance cost but also give you an idea on how risky an area is!
- Specifically for students, if you are going to drive car for short and defined route majority if the time, your chances of getting into trouble with your car reduces. So if you are a student, please share the fact and route to your college where you will be driving for significant proportion and that will reduce your car insurance premium. Also, do bear in mind, any claim, be it of small amount of large, will remain in your profile and will increase your insurance cost. Let me explain this with following example. When insurance company processes and pays out your claim, they also incur $100-$150 minimum on expenses. Now this expenses get built into your insurance premium in turn. With average car insurance premium in the US being $700, this turns out to be at least 15%. Therefore, whatever you agents may advise, do not claim smaller amounts from insurance companies. So, putting together, these two things will bring you savings of at least 10% and your total savings so far in three steps is 35%.
- Now, in the last step we will combine few different things which when put together can easily fetch us 5% savings in insurance cost. Get insured along with your parents under combined policy Choose car models wisely. If you go for luxury brands cars like BMW, your insurance cost is bound to be far higher. Avoid duplicate cover. You do not need to take health cover under your car insurance as it is already covered under your health policy Assess value of your car and avoid extra coverage. Like if your cars value is $500, you do not need to go for full insurance Avoid toeing services. Problems might occur, but financially, it is advantageous to just pay for toeing out of pocket when it is required rather than keeping on paying through insurance every year.
- With these four steps, you can save car insurance premium by at least 40%. I hope you enjoyed this video, do nibble down your thoughts in the comment section below and subscribe to our channel for more interesting videos. Cheers