Miami Florida FL Car Insurance Question
Reader’s Question:
With gas prices rising, I just realized I’m spending way too much on my car, including car insurance in Miami, Florida. Is there any way I can reduce the amount I spend on my car’s insurance?
Adam
Miami, FL
Since you can’t do anything about the gas, you might as well be cutting down on the insurance!
Sure, there loads of ways to cut down your auto insurance, some might sound pretty obvious. Independent studies show that people who compare rates and switch car insurance carriers every 6 months or so, save an average of $300 on a 6 month policy.
Your premium is lower when your deductibles are higher. So you would be well off if you opt to select higher deductibles. The only disadvantage to this is that if you are involved in an accident that causes major damage, the cost to you will be much higher.
I sugget you better not pay in monthly installments because if you split your premium, monthly or annually, administrative fees are applied. A monthly fee adds up and unnecessarily adds to your insurance costs.
Try buying a multi-line insurance policy. Insuring your home and your car from the same carrier can save you upto 15% on both premiums.
Most auto insurance carriers now reward good driving with lower premiums. If you haven’t had any accidents or tickets in the last 3-5 years, you may qualify. In some states, the good drivers’ discount is required by the law!
Don’t overpay for redundant coverage. For example, services offered by your auto club that you are also paying your insurance company for, like towing services. Be on the lookout for chances to eliminate such costs.
Discounts are now being offered on insurance foir vehicles that incur low annual mileage. Check with your carrier to see if you qualify for their low mileage considerations.
Check with your current carrier if your premium decreases by any of the above mentioned methods. You can also get updated quotes from other companies and compare quotes to find the most cost effective insurance policy for yourself. Good luck!