You need to put money toward car insurance, but there is a lot of variation in how much you can spend on a policy depending on factors like coverage options and discounts. Unfortunately, a lot of motorists don’t put enough time and thought into their insurance and end up overspending.
The following are four mistakes that could unnecessarily raise your car insurance premiums:
Buying only the minimum coverage required by law
The minimum coverage required by law is typically only going to cover damage your vehicle causes other vehicles or property in an accident. It’s not going to cover damage to your own vehicle.
If your car is worth a significant amount of money, it’s a good idea to get collision coverage.
Neglecting to look into discounts you’re eligible for
There are various discounts out there for those who have taken driver safety courses or are students with good grades, for example.
Making payments monthly rather than bi-annually
Most car insurance providers are going to give you the option of either paying for a policy upfront that will last for six months or paying month by month. There is typically a discount that goes along with paying upfront. This means that, if you can afford to, you should pay upfront to save money over the long term.
Insisting on a very low deductible
A lot of motorists don’t like the idea of a higher deductible because it means that they’re going to have to shell out more cash in the event of an accident. However, lower deductibles typically mean higher premiums and could cost more in the long run.
If you want to learn more about saving money on car insurance in Newark, NJ, get in touch with E.S.T.I.R. Inc.