Auto sales are up and car manufacturers are offering some great incentives to buy now. So let?s say you have narrowed down your search to a particular car. Have you checked your insurance rates before you buy?
Within the last few weeks I?ve had several customers and calls from people that purchased a new car but gave no thought to the insurance rates. Unfortunately, some of those people are now paying insurance premiums higher than their monthly car payment.
What factors influence the rate you are charged for you car insurance? Some of those factors are:
- Your driving record
- Your insurance claims history
- Your credit history
- Your zip code
- The cost of repairs to that particular car
- The cost of injuries to people injured in that car
One of your first stops when researching a new car should be to the Insurance Institute for Highway Safety for a review of your car. If your car has poor ratings in any category, realize that there is potential for this to negatively impact your insurance rate. Their web site is: http://www.iihs.org/
Be smart about filing insurance claims. Do you have some minor damage to your car? Consider paying for the cost of the repair before you file an insurance claim if the cost of the repair is close to or just slightly higher than your deductible. If you have been involved in an accident and there are injuries, file a claim immediately. This is a scenario where you should involve your insurance carrier immediately to help protect yourself.
Have you been pulled over and ticketed for speeding? Instead of paying the fine, utilize defensive driving or deferred adjudication to avoid the conviction and having it on your record. The cost of the defensive driving class is far less expensive than the increased cost to your insurance rate.
Maintain your credit/insurance score by following these tips, you can find many more online at various resources (these will also help you qualify for lower interest rates on your car loan):
- Pay your bills on time
- Avoid excessive inquiries to your credit reports
- Limit the number of credit accounts you have
- Review your credit report annually
- Limit the amount of new debt you take on
- Work with creditors to resolve outstanding balances before they are turned over to collection agencies
Lastly, have a Trusted Choice Independent Insurance Agent check rates for you before you purchase a new car!
Safe travels!
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