How You Can Find Cheap Auto Insurance

Written by Mark Fightmaster on December 30, 2009 & Posted in Auto Insurance

The time has come for you to shop for the best auto insurance policy for your vehicle. With offers for auto insurance featured on television, through the mail, and on the Internet, it may be difficult to figure out where to find the cheapest car insurance.

Fear not, there are ways that you can find the car insurance company and car insurance policy that is right for you.

What Is Your Insurance Risk Score?

Did you know that many auto insurers calculate your risk and rates through your insurance risk score?

This score isn't a credit score per se, but it is very similar. In terms of auto insurance, your insurance risk score can be calculated by combining your driving record, claims you have made, and information provided during your insurance application.

Your credit score may also be a factor in your auto insurance rate. Lamont Boyd, Director of Product Management at FICO notes that, "There is a correlation between how a customer handles their credit and how likely they are to submit an insurance claim."

Each insurance company uses this information in different ways. Every auto insurance company weighs your credit score, and insurance risk score differently. The insurance risk score threshold for one company may be much higher than another. This is why it is always important to compare rates of several companies when shopping for insurance.

Other Ways to Get Cheap Car Insurance

Having a favorable insurance risk score is not the only way to get affordable auto insurance. In fact, there are many ways that you can save money on your auto policy.

  • Shop for Rates: The Internet is a great way to compare quotes--use the form above to begin shopping for car insurance immediately. By comparing rates you can determine whether your current policy is competitive. However, price should not be the only factor, make sure you get the right coverage for your needs
  • Ask for Discounts: Are you a senior citizen? Do you have multiple insurance policies with the same insurer? Have you taken a defensive driving class? Many insurance companies provide discounts to their policyholders. When shopping for any insurance policy, ask about discounts that you may qualify for
  • Deductibles: You can save money on your premium payments by selecting a higher deductible. However, make sure that you can afford the deductible that you choose. You may not think the upfront savings on your premium payments were worth it, if you have trouble gathering the deductible after an accident
  • Consider Reducing Coverage on Older Cars: If you have an older car, you might consider reducing your auto insurance to liability coverage. But, if you cannot absorb the financial loss of this car, should you loose the car in an accident or due to theft, the premium savings might not be worth the risk

Remember that you don't have to pay a lot for auto insurance. Simply fill out the form above to begin searching for an affordable auto policy.



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A. An explanation of what happens if your car is totaled out when you still owe money on your car loan or lease. Read More

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