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What You Can Do To Lower Your Auto Insurance Rates
Keep Your Driving Record Clean
Drive carefully and obey all traffic laws. Tickets or substantially at-fault (more than 50%) accidents on your driving record increase the cost of your insurance. Remember: Your insurance company will get a copy of your motor vehicle record (MVR) from the Secretary of State when you apply for a policy and may check your MVR when you renew your policy.
Decide Whether You Really Need Physical Damage Coverage
If you have an older car, or one in poor condition, you may not want to pay for physical damage coverage. Call a bank or finance company to find out the price you would get for your car on a straight sale. From that price, subtract the deductible you would have to pay if you had a loss. Then subtract the cost of the insurance for one year. The amount you come up with is the most you would actually net if your car were totaled. Here’s an example: You must decide if it is worth paying the $200 premium when the most you could net is $700.
Consider Choosing a Deductible or a Higher Deductible on Your Collision or Comprehensive Coverage
You can buy collision coverage with a deductible of $100, $250, or more. You can buy comprehensive coverage with similar deductibles. The higher the deductible, the less the insurance coverage will cost. Keep in mind that someday, you may have to pay the deductible. Choose an amount you can afford.
Coordinate Any Health or Accident Benefits With Your Auto Policy
The no-fault law requires insurance companies to offer a discount if you coordinate other health or disability benefits with your no-fault policy. If you have an auto accident and have coordinated these benefits with your personal injury protection coverage, your no-fault policy pays only for that part of your lost wages and medical expenses not paid by your other coverage. Because your auto insurer pays less in claims, your auto insurance cost is less. Before you coordinate policies, make sure your other insurance will provide benefits for an auto-related injury.
Shop Around
Agents are required by law to quote you the lowest rate available to you from the companies they represent. Different agents represent different companies. Some agents represent only one company while others represent many companies. Call several agents to get the best price possible. If you find you can only get insurance from a high-risk company which charges high rates, check the rate from the Michigan Automobile Insurance Placement Facility. The Facility must accept all applicants and may cost less than some high risk companies. Any auto insurance agent can help you apply to the Facility.
How to Reduce Your Homeowners Insurance Premium
The rates in this survey have been determined using only the rating factors specified in each example. However, there are ways to further reduce your premium.
Increased Deductibles
Increasing your deductible can make a significant difference in the cost of your policy. Choose the largest deductible your budget can handle.
Safety Features
Many companies offer discounts for installing smoke detectors, fire extinguishers and other safety devices such as burglar alarms and heavy duty locks. If your home has these features, check with your agent about the discount options available.
Group Discounts
Several companies also offer home insurance at reduced rates to members of qualified groups, organizations, and trade or business associations. Members of credit unions and employees of certain businesses may also be eligible for group insurance rates. If you are a member of one of these types of groups, ask your agent if you qualify for group home insurance.
Senior Citizens
Many companies offer a discount on home insurance to senior citizens over 55 years of age. If you qualify, check with your agent to see if this discount is available from your company.
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