Insurance costs vary widely, and many things can affect your premium. The type of car you drive and your home’s location are two important factors, but there are other ways to save, too.
Bundling policies, for example, can save you money. You may also be able to reduce your coverage by raising the deductible.
For example, you may want to consider higher liability limits than the state minimums or even Guaranteed Asset Protection (GAP) insurance. This type of coverage is designed to pay the difference between what you owe on a loan and your vehicle’s actual value in the event of a total loss.
Buying auto insurance can be complicated, but making the right choices can save you a lot of time and money. Avoid these common mistakes when shopping for your next policy to get the best possible deal.
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Not Buying the Right Coverage for Your Budget
When purchasing car insurance for the first time, it’s important to understand your policy inside and out. By doing so, you can avoid making mistakes that could cost you thousands of dollars in the long run.
This includes not adding drivers to the policy who should be covered or not carrying enough coverage for your needs. Additionally, it’s important to keep your insurance up-to-date as your circumstances change.
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For example, if you switch jobs and begin to commute farther, it’s likely that you’ll need more coverage to cover the additional mileage. It’s also important to review your credit report and driving record at least once a year, as these can affect your rates. The more accurate these reports are, the better your rate will be.