Dec 28, 2008 11:00 am US/Eastern
Stretch Your Dollar: Save On Auto Insurance
CHICAGO (CBS) ―
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Laurie Thompson paid $1,200 every six months to insure two cars. When she moved to Chicago she looked for ways to lower her premium, and is saving almost $300 now.
CBS
It's a bill you may only look at once or twice a year when it's due, but taking a closer look now at what you're paying for auto insurance could help you stretch your dollar, reports CBS station WBBM-TV.
Laurie Thompson paid $1,200 every six months to insure two cars. When she moved to Chicago she looked for ways to lower her premium.
"We really didn't think we would qualify for anything," Thompson said.
Insurance agent Joe Schneider says many drivers don't realize how much they could actually save by making a few simple changes.
First, raise your deductible.
"If you increase that to $500 then right there you'd save 15 percent," he said.
Drop collision coverage on an older car and you could save around $100.
"You may actually be paying more for insurance than the car's actually worth to repair or replace," Schneider said.
Also, insure both your home and your car with the same company.
And, drive under 7,500 miles a year for significant savings.
"You're looking at about 10 percent right there."
Thompson got three of the four discounts and her bill dropped from $1,200 to just $932.
You might also qualify for a discount if you have a high credit score. And, don't forget to comparison shop, because agencies sometimes have special offers.
For more ideas from on how to save on your car insurance,
click here for a link to the Insurance Information Institute.
(© MMIX, CBS Broadcasting Inc. All Rights Reserved.)
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