US Consumers Can Lower Their Car Insurance Rates

Posted in Auto Insurance

August 4th, 2009

While there’s no federal bailout in the works for people struggling to make their car insurance payments, many US consumers are looking for ways to make sure they get the most for their money when it comes to auto insurance. In a precarious economy, it’s no surprise that a lot of Americans are reassessing or re-evaluating their basic living expenses across the board. Many people are trying to find ways to save money these days. One of the ways you can trim your monthly budget is to take a good, hard look at your insurance expenses and see how much you really need.

The good news is that economic conditions have created something of a buyer’s market when it comes to car insurance, and many companies are ready and willing to compete for your business. For consumers who are willing to shop around for the best price, the savings can be substantial.

For instance, if you’ve received an insurance rate increase notice for any of your policies, it can’t hurt to go across the street and see what the other guy is offering. Justin Gregonis of Phoenix did just that, and ended up saving about $1200 a year when he took his two auto and two home insurance policies to a new insurance provider. With no changes to his deductible, he was able to negotiate a better deal. As part of their effort to retain customers in a buyer’s market, many insurance companies are introducing new discounts and lower priced products. For instance, buying both homeowner and auto policies, like Gregonis did, could qualify you for a double-dip discount.

As always, though, you need to be careful about cutting corners when it comes to insurance coverage. Don’t skimp on coverage just because you are working within a low budget. Remember, the less you have, the more you have to lose. You’re going to need that car when you have a job again, so make sure you take care of it by getting the best auto insurance coverage you can afford.