9 ways to reduce your Auto Insurance premiums

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This week we will discuss 9 effective ways to reduce your insurance premiums and save money.

1) Use direct insurance underwriters – Direct Insurers like Alpha Direct allow you to deal directly with them which removes the need to pay broker commissions which can add up to a lot of money.

2) Loyalty has its benefits – It can be a good idea to switch insurers every once in awhile, or to compare quotes with different insurers; but switching companies too often may result in more expensive policies. Some companies give you credit for showing loyalty to a previous insurance carrier.

3) Reduce Hijacking Risks – living in a safe area, and purchasing low hijack risk vehicles can lower your premiums.

4) Bundle policies – If you bundle your policies (eg. homeowners and auto) from the same insurer, you can avail of bundled discounts.

5) Be a safe driver – Safe drivers who have fewer claims on their motor policy generally get no claim bonuses or lower premiums on their policies. They also save money they would have otherwise spent on deductibles.

6) Ask about discounts – Some insurance carriers offer discounts for various low risk traits. For example if you have a college degree, or are over 25 years of age, etc.

7) Choose a higher deductible – Going with a higher deductible reduces your premium but also puts you at a higher risk to pay more out of pocket in the event of a claim

8) Keep your car in a lockable garage – Keeping your car in a locked garage can lower your premiums

9) Purchase cars with easy to source parts – Rare cars, especially with Japanese imports can be expensive to insure if it is difficult to source parts for them. It is always a good idea to purchase more common cars.

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