Step 6: Saving on car insurance
Shop around for insurance on your new (or new to you) car.
When you buy a car, there are costs beyond just the car, maintenance and gas. All drivers need car insurance, of course, and you can save money by comparing insurance rates and features.
Shop around
One of the best places to start shopping for car insurance is on the Internet. You can easily comparison shop for auto insurance through ComparisonMarket, a partner of LendingTree. You can shop online or over the phone and easily compare rates from some of the nation’s top auto insurance companies side by side.
Other ways to save
In addition to shopping around, changing your driving habits or the terms of your insurance can save you money as well. Here are some things to consider:
- Increasing your deductible could save you up to 10 percent off your premium. Just make sure you have the cash to pay for more of any repairs.
- Drop collision and comprehensive coverage. This probably isn’t a good idea on a new car, but if you have other cars that are older car that’s not worth much, it may make more sense to get rid of these two types of coverage.
Increase your credit score. Many insurers use your credit score to determine your rates. So pay your bills on time and keep that score high.
- Ask about discounts. Often insurers will give drivers discounts for multiple cars or multiple policies (for example, homeowner’s insurance and car insurance). If you have children who drive, ask about discounts for good grades or driving courses. Make sure you know what discounts could apply to you.
Step 5: Negotiating the car price.
Published on September 02, 2006
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