Insurance World

Are you looking for ways to lower your Auto Insurance Premium? Auto insurance rates can spiral depending upon factors that include your age, past driving record, and other factors such as credit history. However, the trick is to find ways to lower the annual pay-off. We have pulled up for you the 5 quickest ways to lower your Auto Insurance Premium.

Tip 1: Hike up your deductible

Stop trying to get the ‘lowest deductible’, instead go in for a comfortably higher out of pocket payment plan. ‘Deductible’ is the amount that you would pay before your insurance policy kicks in. This is an easy way to reduce your periodic premium amount, however, be warned, in such a case, if something happens to your vehicle - you need to shell out more to cover the initial expenses, prior to going in for a claim.

Tip 2: Park your vehicle in a garage

One of the simplest ways to cut down on insurance premium is to park your vehicle in a garage, personal or commercial establishments. This helps in knocking off, in some cases, close to 20% of the premium. In a garage, the chances of your vehicle getting stolen or sideswiped are considerably lower. From a transaction perspective, parking in a garage could mean a difference between a preferred rate and a standard rate.

Tip 3: Shop around and bargain

Nothing beats the traditional ‘shop around to bargain’. Make sure you at least have three to four price quotes with you, prior to fixing on the service provider. Ensure that you are not shopping for price alone, but the whole deal.

Tip 4: Take a Defensive Driving Course

Not many people are aware of this. By volunteering for a state-approved defensive driving course, you can avail discounts in premium of up to 10%. However, do cross check with your insurer on this.

Tip 5: Downsizing Coverage

Well, downsizing coverage is perhaps the easiest way to lower your auto insurance premium. However, we suggest you to be careful and prudent, while taking this decision. This might save money, but, would also limit coverage.

If you’re planning a vacation you’ve probably already been offered travel insurance more than once. And if you’re like most people you quickly dismissed the idea and went about your business.

But don’t be so quick to decide. While travel insurance is not always a good idea, there are times when it can come in handy.

What is covered?

While coverage can vary from one carrier to another, travel insurance policies generally cover:

Trip cancellation or interruption due to weather, sickness, airline bankruptcy/strike, or terrorist activity.

Medical expenses incurred while in a foreign country. If you get sick while on African safari, you may find that your medical plan does not cover foreign care or that the coverage is severely limited.

Baggage and belongings that are lost, stolen, or damaged.

Accidental death and dismemberment if you are seriously or fatally injured while on vacation.

So when should I buy travel insurance?

Well, if you are going on a relatively inexpensive trip that is not likely to be canceled or delayed and you are young, healthy, and not planning on doing anything dangerous then you can probably skip it.

But if you are planning your honeymoon or a once in a lifetime trip, especially to a an area where weather is a concern, you should consider travel insurance. The small investment will be well worth it.

If you are elderly or in poor health you’re more likely to need medical attention while on vacation. Likewise if you are planning to take part in potentially dangerous activities such as rock-climbing or cliff diving.

Remember too that you don’t have to be doing anything risky to get hurt. You could be taking a lazy afternoon sightseeing drive and get hit by a reckless driver. If that happens, you’ll be glad you bought some extra insurance.