• Revenue Cycle Management
  • COVID-19
  • Reimbursement
  • Diabetes Awareness Month
  • Risk Management
  • Patient Retention
  • Staffing
  • Medical Economics® 100th Anniversary
  • Coding and documentation
  • Business of Endocrinology
  • Telehealth
  • Physicians Financial News
  • Cybersecurity
  • Cardiovascular Clinical Consult
  • Locum Tenens, brought to you by LocumLife®
  • Weight Management
  • Business of Women's Health
  • Practice Efficiency
  • Finance and Wealth
  • EHRs
  • Remote Patient Monitoring
  • Sponsored Webinars
  • Medical Technology
  • Billing and collections
  • Acute Pain Management
  • Exclusive Content
  • Value-based Care
  • Business of Pediatrics
  • Concierge Medicine 2.0 by Castle Connolly Private Health Partners
  • Practice Growth
  • Concierge Medicine
  • Business of Cardiology
  • Implementing the Topcon Ocular Telehealth Platform
  • Malpractice
  • Influenza
  • Sexual Health
  • Chronic Conditions
  • Technology
  • Legal and Policy
  • Money
  • Opinion
  • Vaccines
  • Practice Management
  • Patient Relations
  • Careers

Cutting Car Insurance Costs

Article

Whether you call it penny-pinching or belt-tightening, the recession has most Americans taking a hard look at their household budgets to find ways to save.

Whether you call it penny-pinching or belt-tightening, the recession has most Americans taking a hard look at their household budgets to find ways to save. One expense that you may be able to cut is your car insurance premiums. Insurance pros suggest some cost-shaving strategies that may not work for all car owners, but many will, and it can pay to see which ones apply to you.

Shopping for car insurance is a prime way to save. With a good driving record, you should be able to find more than one insurance company willing to issue a policy, and you’re free to pick one that saves you some cash. Another time-honored way to slash premiums is by boosting your deductible amounts. Increasing deductibles on collision and comprehensive coverage can cut your premium for that coverage by as much as 40%. Dropping collision insurance on an older car can save you even more; some insurance experts advise that collision insurance on a car that is worth less than 10 times the additional premium is generally not a good deal.

Check out other discounts you may be eligible for. You may earn a discount, for example, if you buy your homeowners insurance from the same company that issues your auto insurance policy. Airbags and anti-lock brakes can also cut your premiums. Most insurance companies will also give you a discount if you have anti-theft devices installed in your vehicle, or if your high school student gets good grades and has taken a driver training course, or if your college student is on a campus more than 100 miles away and does not have a car there.

Related Videos
Victor J. Dzau, MD, gives expert advice
Victor J. Dzau, MD, gives expert advice