Monday, May 26, 2014

4 Tips to Lower New Car Insurance Rates

Auto insurance is one of the biggest expenses associated with car ownership, but it doesn’t have to be a budget breaker. Find out what you can do to get the lowest monthly rate in Cheboygan and northern Michigan today.

Now that you’ve made the big decision to buy a new car, it’s time to find the right insurance plan to protect your investment before you take it on the road. With so much money on the line, buying car insurance is always an intimidating process. How do you find the lowest quote without taking on more risk by sticking to the minimum legal coverage? Before you settle for less, take a look at some of our favorite tips below for finding your perfect coverage match at a price you can afford.

1. Study Your Profile

You can’t know if you’re getting a fair deal when you don’t understand how your rates are calculated. To come up with a new quote, insurance carriers follow a complex formula that includes everything from your background to your credit rating and even your marital status. Check out NASDAQ’s insurance shopping guide for more information about factors that can influence your rates across all companies.

2. Always Shop Around

One of the biggest mistakes new car owners make when looking for insurance coverage is assuming that all carriers have similar price structures. You’ll be surprised by how many different deals you can find for the same type of coverage by taking the time to call different providers. Remember to include local companies in your search. Dealing exclusively with major insurance carriers is another common rookie mistake that can cost you a fortune over time in extra monthly fees. Because local providers are more likely to need your business than their national competitors, you might be able to get away with asking for better incentives and lower rates.

3. Stay Organized

The trick to effective comparison shopping is being able to analyze the pros and cons of each offer. To make your decision easier, put your information into a spreadsheet with categories for prices, coverage and other relevant details. By listing numbers and benefits side by side, you’ll be able to instantly figure out which offers are better than others.

4. Ask for a Higher Deductible 

While it seems counterintuitive to pay more money up front when you’re trying to maximize your savings, requesting a higher deductible can translate into substantial savings on your annual rate.

Want to know more about lowering your insurance costs in Cheboygan and northern Michigan? Visit our homepage or contact our Toyota dealership directly for personalized advice from experienced industry insiders.

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