The Gas-Saving Tip You Haven't Throught Of
Gas prices have jumped even higher since last month's post about the price hike...but I doubt this is news to you.
In light of the pressure at the pump, MSN Money has highlighted some money saving tips with their article, 10 Ways to Find Cheap Gas. And, while this article has some great tips for consumers, it does leave out one major money-saving muscle: finding cheaper car insurance.
For many, finding affordable auto insurance has been the secret weapon to saving at the pump. Why? By saving on car insurance, savvy consumers are enjoying less financial stress when it comes to elevated gas and oil prices. And surprisingly, saving on car insurance is pretty easy.
Here's how:
Shop around. I know it sounds like a pain, but with the advent of the Internet, you no longer have to flip through the phone book to compare multiple quotes—services like InsureMe do it for you. Plus, CNN Money recently reported that insurance rates varied up to $500 between insurers every six months!
Ask about discounts. The Insurance Information Institute (I.I.I.) reports that you could save up to $1,200 per year with discounts alone. Ask your agent about discounts for multiple cars, auto-home combo, low annual mileage and added safety features or drivers over 50.
Increase your deductible. Increasing the deductible on collision and comprehensive coverage can drastically lower your overall premium. Just be sure you select a deductible you can afford—there's really no point in putting yourself in serious debt if you have an accident.
Be diligent about bills. More and more auto insurance companies are using credit to help determine insurance premiums, so make sure to pay bills on time and keep low balances on revolving credit.
Review your policy. Reviewing your policy every six or twelve months will help ensure that you're getting the best deal. Experts say staying with an insurer out of sheer convenience is one of the most costly mistakes consumers make.
My auto insurance policy is up for renewal next month, and you better believe that I'll be using these tips to find the best deal on my coverage—between gas prices and my addiction to shoes, I could use the extra cash.
Have questions? Feel free to post your thoughts and questions via comments. Or, if you're feeling bashful, email me at mmahan@insureme.com.
