Driving down the cost of car insurance
Suze Orman, a personal financial expert, has put together a comprehensive list of ways to lower the cost of your car insurance, sometimes by as much as several hundred dollars. Orman is a well respected financial consultant for the masses, so we've compiled a couple of her suggestions below with the rest to be found after the jump.Boost Your Deductible
Increasing the amount can cut the premium 15-30 percent.
Drivers who put less than 12,000 miles annually on their cars should ask their insurers about discounts.
(Thanks, James)
[Source: Yahoo! Finance]
Home In on a Discount
Combining auto and house insurance polices can reduce premiums by as much as 30 percent.
Couple Up on Your Policy
Two people make one winner in obtaining better rates.
Get Defensive
Some insurance companies offer to lower premiums for drivers who take defensive-driving courses.
Put Your Degree to Work
Certain professionals such as doctors and those with advanced degrees can obtain lower rates.
Play Group
Certain insurers offer discounts for members of professional organizations such as the teachers' association.
Slow Down
Clean driving record. 'Nuff said.
Give Yourself Credit
Interestingly, a good credit history can result in lower premiums.
Make the Grade
Children with high grades can obtain lower premiums.
Full details can be found at the link.
Reader Comments (Page 1 of 1)
Engo P 11:20PM (5/11/2006)
HA! for the rest of us who don't meet these requirements, high car insurance is punishment for not meeting them.
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Brian 2:14AM (5/12/2006)
Suze Orman somehow makes money by simply pointing out the obvious.
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Galley 6:50AM (5/12/2006)
I once missed a payment with Driver's Choice, when I moved and the bill was not forwarded. Of course, they never bothered to try and reach me to notify me, resulting in a laps of 33 days with no coverage. Going 30 days without coverage in South Carolina is just as bad as getting a DUI. My rates jumped to $1500 every 6 months for two years, with a CLEAN driving record. Aaaargh!
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Gary 7:42AM (5/12/2006)
I'm guessing "Suze" doesn't live in Michigan. Perhaps she lives in a Fantasy World somewhere but not in the reality world of Michigan. You see, in Michigan, the people on the State Automobile Insurance Commission are also representativies of large Auto Insurance Companies. The foxes are guarding the henhouse and, unfortunately, Michigan residents are the "Hens"! Try to change the situation? Good luck! The Auto Insurance Companies have very very deep pockets. Now, "Suze", come back to the world of reality and give us some pointers on the "real" problem.
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Jim P. 9:03AM (5/12/2006)
#4, I hear you. I liv in Mich. too, and your car insurance rates are determined (along with quite a few other states) not only by your driving record, but by your credit record as well. So you could have a perfect driving record like myself, but have a few small blemishes on your credit report from years ago, and they will make you pay a higher premium because of that. I think that is total discrimination and is just a ploy for insurance companies to dig deeper into your pockets. Our governer is trying to get credit scoring for insurance rates banned. It really ticks me off that the guy next to me has a worse driving record, but if his credit is spotless, he pays less premiums than me. Tell me that isn't fair.
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Paul 10:49AM (5/12/2006)
with an photo ad like that are they not encouraging children driving cars just like GM did with their corvette and cobalt ads that they were forced to pull from TV.
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motorfocus 7:32AM (5/13/2006)
Don't mind the photo; it's just Britney's little one at the wheel, again.
As for Suze Orman, the only thing wider than her absurdly broad lapels - further evidence that all the "smart money" in the world cannot buy good taste - is the gap between her advice and anything novel.
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Tommy Mac 8:36PM (5/15/2006)
I agree that car insurance is much too expensive. The best way to lower the cost is to make it voluntary. This would force insurance companies to compete for business, lowering rates. If you decided to purchase insurance, it would protect you and your passengers. If you caused an accident, you could still be sued. Makes a whole lotta sense to me.
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STEPHEN BIRD 11:09AM (5/19/2006)
DO YOU INSURE UK DRIVERS LIVING AND DRIVING IN THE U/K ?
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ms 4:06PM (12/17/2008)
True. If you don't have credit, one way to build it is to buy a car from a company that reports your payments to the credit agencies. Some buy here pay here lots like J.D. Byrider (www.jdbyrider.blog.com) do this. But, only buy from somewhere like this if you're in desperate need of financing and you don't have the cash to buy.
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cesar 2:51PM (1/17/2008)
You can find many more tips on saving money in http://car-insurance.onlineautoinsurance.com . Also you can test out your new knowledge on savings by getting auto insurance quotes at http://www.onlineautoinsurance.com
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