Providence, RI -- (SBWIRE) -- 01/28/2013 -- For people who are looking to save money on their monthly bills, cheap car insurance is one way to cut the expenses while still getting the auto coverage needed. There are a number of ways to obtain the best car insurance rates, but as with any endeavor to save money there may be some other type of sacrifice needed.
For those who want the cheapest car insurance quotations, the first step is examining the policy that they have and answering a few simple questions.
- What is the required insurance on my vehicle?
- What is my deductible?
- Is there any information that is outdated?
If you have taken out an auto loan that is still being paid, then comprehensive insurance is needed so that the lender is covered in case your vehicle needs repairs or is “totaled”. The state you live in will also have requirements as well, so bear that in mind when considering what type of car insurance to select.
Knowing the deductible is also important as this gives you some wiggle room and finally check to see if any information on your insurance no longer applies. For example, if someone else was under your insurance that could drive the car and no longer does, then taking them off the policy might save you money.
Raise Your Deductible
One way to save money on your insurance is by raising the deductible. The deductible is the money that you must pay on repairs first before the insurance company. For example, if you have a $500 deductible, then any repair on the vehicle requires you to pay the first $500 before the insurance company pays one dime.
Obviously, the higher the deductible, the more money you will pay out of your pocket if your vehicle needs repairs. This is a risk that many motorists take when they raise their deductible, but for many the rewards of having a lower insurance bill can be worth the sacrifice.
Liability & Uninsured Motorist
For those that have older vehicles, especially if the value of them does not rise much above the deductible, then getting the state minimum requirement of liability and uninsured motorist can save a considerable amount of money.
However, your car will not be covered for any repairs. Only if the other vehicle was their fault will you be compensated. Essentially, you are gambling that you will either not be in an accident or not be at fault in an accident. For low value, older vehicles this may be worth it, but for newer, more expensive vehicles the risk may be too much.
If you want to look for further savings, then shopping around for another insurance company is recommended. You can visit a number of auto quote comparison websites that will take your information and find you the lowest rates.
However, you’ll want to find an insurance company that is reputable, offers good coverage and can be easily reached. Once you find the right insurance company that fits your needs, you can then reap the rewards of saving a considerable amount of money for your policy by having cheap car insurance.
About Providence Insurance Bargains:
Providence Insurance Bargains provides excellent online services that offer a convenient quote for your auto insurance. Providing more than just a low price, Providence Insurance Bargains offers high quality customer service and a wide variety of insurance options. For more information, visit Providence Insurance Bargains.
Copyright © 2005-2013 - SBWire, The Small Business Newswire - All Rights Reserved - Important Disclaimer
Contact Us: 888-4-SBWIRE (US) - 920-321-1250 (International)