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4/2/2012 - Ways to save on auto insurance rates

Consumers should review their policies and talk with their insurers.

Thanks to a highly competitive marketplace, car insurance policyholders have an opportunity to lower their overall premiums, according to the Insurance Information Institute.

The source notes consumers can do this by getting in touch with their insurance agent to ensure that they're getting the proper auto insurance plan for their driving habits and that they're paying the most affordable price.

However, there are things that policyholders themselves can do to lower their overall auto costs, III notes.

One way to go about this is to review an insurance provider's costs before purchasing a vehicle. Because the price of a vehicle may have an impact on what policyholders ultimately pay, it's advisable for car buyers to review these costs prior to putting money down on an automobile.

Another cost-saving tip III recommends is increasing one's deductible. By asking for a higher deductible, annual premium costs can be lowered considerably. However, policyholders should make sure they could afford to pay the higher out-of-pocket cost prior to making the request.

Finally, customers may want to ask about any discounts that are available. Discounts may be available for drivers who have been a long-time customer, have a good credit history, or own multiple policies with the same provider.

For tips on how you can save money with Selective, click here.

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