Insurance

Money Geek featured Lubin Professor PV Viswanath tips on low-cost car insurance in “Expert Advice: Steps to Find Cheap Auto Insurance”

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Money Geek featured Lubin Professor PV Viswanath tips on low-cost car insurance in “Expert Advice: Steps to Find Cheap Auto Insurance”

01/14/2021

Money Geek featured Lubin Professor PV Viswanath tips on low-cost car insurance in “Expert Advice: Steps to Find Cheap Auto Insurance”

Can low-cost car insurance mean drivers are sacrificing quality?

Unfortunately, with insurance, you never know how good the product is until you file a claim – and that’s too late. Low-cost insurance can simply mean an insurance company that doesn’t make it easy to file claims and also contests legitimate claims. If they’re not paying out claims, then obviously they can charge lower premiums. Hence it’s important to ensure that the company has a good reputation. Word-of-mouth is often a good way of checking quality, but consumer forums or publications such as Consumer Reports are also useful.

What steps can drivers take to lower their car insurance costs?

The most important thing is to make sure you drive well. Don’t be aggressive, follow traffic rules and be relaxed. If you can achieve this, then you can increase your deductibles, since the probability of an accident will now be lower. Policies with lower deductibles have lower premiums. Shopping around is, of course, necessary. Groups that you belong to might be able to get cheaper insurance policies for their members, but this can be a two-edged sword if the organization is using you to get a cut from the insurance company.

What is the best way for drivers to fit auto insurance expenses into their budget?

Besides the issues already raised above, check to see if you can reduce the status of your car to “driving for pleasure” as opposed to a vehicle that you use to drive to work. If you have teenagers, restricting them to one car could help as well, since they raise auto insurance premiums if they are listed as drivers.

Read the full Money Geek article.

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