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Researching car insurance rates
RESEARCHING CAR INSURANCE RATES
By Lori Tate
.
As
freelancers, our income is sometimes uncertain, so it may be good
to know how to save money for those tight times. Car insurance is
one area where you may be able to economize. I called several companies
in July of 2002, and here's what I found would be the montly cost
to insure me and my husband under the following conditions: Fairly
good driving records, owning a 1995 Ford Escort, and a commute of
140 miles a day.
Allstate
Insurance:
Won't do quotes over the phone.
Classic
Thrift Insurance Agency:
With a $500 deductible, we would pay
$187 down and four payments of $85 per month. Since I was less than
thrilled with that price, I didn't ask what happened after the fourth
month.
DXP:
With a $1,000 deductible, we would pay $209 down and $80 per
month.
Eastwood
Insurance:
This company advertises rates of $29 a month. However,
when I called, the representative told me it would cost us $89 per
month. He didn't tell me if a down payment was necessary.
Mark
Twain Insurance:
With a $500 deductible, it would cost us $105
per month.
Progressive
Insurance:
This company advertises that they'll give you their
rate and the rates of several other leading companies. However,
when I called, I got one rate of $1,371 per year and $114 per month.
Wyatt
Insurance:
With $212 down, we would also pay $80 per month.
Companies
that either didn't answer their phone, had a busy line, or put me
on hold for more than five minutes:
Cost-U-Less
Cheap Auto Insurance
Capitol City
NBI
Thomas Insurance
I
decided to stay with State Farm, our current provider, who charges
us $73.21 per month. However, that includes our multi-line discount
(since we have home owner's insurance with State Farm), our loyal
customer discount (since I have been a State Farm customer for several
years), and a service charge waiver, because State Farm withdraws
our monthly payment from our checking account instead of receiving
it by mail.
So
what should you do?
Do
the research.
Ask friends and family members for referrals,
and pay attention when you call companies. Do they treat you respectfully?
Can they give you a quote right away? Do they want to check your
credit record first? (Don't let them do this, because every time
your credit is checked, you receive points, which lowers your good
credit rating.) Know how much your deductible and down payment will
be, and also what happens if you're in an accident. How quickly
will the company respond? Most companies should be able to give
you a quote over the phone, or else have a very good reason why
they can't.
Investigate
discounts.
As I said, I have the multi-line discount, the waived
service charge, and the loyal customer discount. Some companies
also offer "good student" discounts, which are given to
policy holders who have above a certain grade point average. This
offer can be used for children of policy holders also. Ask your
agent what discounts he/she can give you. Look at your bill, and
question service charges.
Attend
traffic school.
Some insurance companies will reduce your rates
if you attend traffic school.
Keep
your policy updated.
Let your agent know if your driving habits
change, or if you get a new car. For example, if you get a new car,
your insurance rates may go down, because you are insuring two cars
with the same company. Additionally, if your commute goes from 140
miles a day to ten miles a day, let your agent know, because your
rates may also go down.
Above
all, good luck, and remember you can find the best deal!
============
LORI
TATE
Lori Tate has ten years of professional writing experience, including
four as a journalist. She is looking for research, writing and editing
work. You can contact her at onehappyperson30@yahoo.com.
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LORI
TATE
Lori
Tate has ten years of professional writing experience, including
four as a journalist. She is looking for research, writing and editing
work. You can contact her at onehappyperson30@yahoo.com.
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 |
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