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Cut the Cost of Auto Insurance

 Insurance for your car can get pricey! Find out the easy ways to cut your rates

By
Laura Adams, MBA,
November 26, 2011

When you buy a new or used vehicle, remember to consider the insurance expense. A “family” car like a Honda Odyssey is cheaper to insure than a convertible Corvette, for instance. Other factors influence the cost of insurance (but may be out of your control at the time of purchase), such as your zip code, age, driving record, and credit score. Here are six tips to save big bucks on auto insurance:

  1. Choose a vehicle that’s inexpensive to repair because they generally cost less to insure. Get more information at the Insurance Institute for Highway Safety.

  2. Choose a vehicle with a low theft rate because that lowers the insurance cost.

  3. Track your mileage and report it to your insurance agency. Driving less each year because you’re working closer to home or because you begin commuting in a different car, may qualify you for a reduced premium.

  4. Get a volume discount by using the same agency for all your insurance needs.

  5. Increase your deductible to lower the monthly insurance premium.

  6. Shop around by comparing the exact same coverage from company to company. 

For more information refer to "Your Next Car--Should You Buy or Lease?"

Image courtesy of Shutterstock

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