Tips
to Lower Your Bill
source:
Missouri Department of Insurance The following definitions are intended as a basic reference and may not
apply directly to your specific policy. Please consult your agent
with any specific policy questions.
Drive
safely. Nothing affects your auto insurance rates more than
your driving record. Every time you are responsible for an accident or
receive a moving traffic violation you risk having your premium raised
or your policy cancelled.
Increase deductibles. Your auto insurance rates will
decrease as you raise the deductible amounts on your policy. A
deductible is the amount of any loss you must pay before the insurance
company will cover damages. For example, if you have a deductible of
$100 on your auto policy and have $1,000 worth of damage, you pay the
first $100 and the insurance company pays $900. Deductibles are not
available on liability coverage.
Credit Scores. Most insurance companies have begun to use
your credit history along with accidents, violations, age and location,
to determine your premiums. Obtain a copy of your credit report and
verify that the information is accurate. Bankruptcies, judgments, liens,
late pays and credit inquiries will cause your "credit score"
to decrease and your premiums to increase.
Take advantage of special discounts. Some companies offer
"good student" discounts to young drivers with good academic
records. Others offer discounts for insuring two or more cars, buying
both auto and homeowners coverage or special features that lower
accident risk.
Pay in Full. Try to pay for your automobile
insurance for the full policy period. Some companies have a monthly,
quarterly or semi-annual installment payment plans at an extra
cost.
Consider insurance costs when you buy a car. Insurance
costs go up if you buy a high-performance, or more expensive automobile.
Talk to agents about the cost of insurance before you buy. ·
Reduce or eliminate collision and/or comprehensive coverage on an
old car. The amount you may pay in premiums may equal the cash
value of your automobile. ·
Insure all your cars with the same company.
Notify your agent if you: These changes in
circumstances may lower your premium.
o Substantially cut down on your annual mileage.
o Move to a different neighborhood, town, or state.
o Sell a car.
o Cut down on the number of drivers in the household.
o Marry. Turn 21, 25, or 29.
Don't duplicate coverage. Try not to buy automobile
insurance and health/accident insurance that pay for the same things.
Compare your policies and consult with your agent before
purchasing additional coverage.
Do you have an insurance coverage question?
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