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Every time a consumer purchases or leases a new vehicle they are required to have one thing: full coverage auto insurance. This type of insurance policy is important because, it gives a lender confidence that their financial investment will be protected if the driver were to get into an accident. Drivers with newer vehicles must keep their full coverage auto insurance policies for their vehicles for at least two to five years but after that period of time they should consider changing their auto insurance policy to a liability only auto insurance policy. Why Liability Only? By choosing a liability only insurance policy any driver will be able to save at least $200 or more per year and use that money elsewhere. Saving money on auto insurance is especially important in today’s world as the economy has forced many hard working people to trim entertainment and other expenses from their budgets just to stay financially afloat. Staying a Good Driver Another way that anyone can save money on their auto insurance premium is by continuing to stay a good driver. A good driver discount can save a driver at least $50 per year off their insurance premiums. Other Insurance Money Saving Strategies • Bundle premiums – Drivers who have more than one insurance premium like: life insurance, renters insurance and disaster insurance can save money by bundling their multiple insurance policies with one company.Learn more about this at insurancerate.com. • Update status –One common thing that many people forget to do when they get married is update their tax status with their employer and auto insurance company. By switching their status from single to married a driver can save hundreds of dollars per year off their insurance premiums. • Ask for discounts – Besides the traditional good driver discount, drivers should also ask for a senior discount and good student discount. Insurance companies have plenty of discounts to choose from and won’t hesitate to reward those consumers who ask for them. • Carpool more – Any driver who lives in a part of town near a major bus line, trolley or has friends that they can commute to work with should consider carpooling often because, insurers reward drivers with lower premiums if they drive less per year.
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