Tampa Bay is a lovely place to live, yet, because claims are abundant in the state of Florida, auto insurance can be pricey. That being said, there are ways to bring your rates down.
1. Shop around.
Car insurance rates can vary drastically among companies for the same levels of coverage. Independent agencies help you compare quotes from several insurers to make sure you’re getting the best deal.
2. Raise deductibles.
The deductible is the amount that the insurance company doesn’t cover when paying for repairs. Raising the comprehensive and collision deductibles from $500 to $1,000 can save up to $200 a year.
3. Consider the vehicle.
If your car is not in the greatest condition, it might be time to drop collision and comprehensive coverage. Collision pays to repair damage to your car if it crashes into another vehicle/object or flips over. Comprehensive pays if your car is vandalized, stolen, damaged by storms or by hitting an animal. If your annual premium plus your deductible equals more than your car, then it’s time to drop comp and collision. Companies never pay out more than the car is worth. If you do remove the additional coverage, you’ll be able to save for repairs or even a new car.
4. Maintain good credit.
Credit is a big factor used to calculate premiums. To improve your credit, focus on making all loan and credit card payments on time, keeping balances below credit limits and opening credit accounts only when necessary.
5. Drive safely.
Our final tip and possibly the most important is DRIVE SAFELY. Traffic violations and accidents can substantially drive up your premiums. More importantly, unsafe driving can also pose a threat to you, your vehicle and others.
Take care and let us know if we can answer any questions or help you shop your policy.