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Car Insurance

First, were you aware that your credit score is most often used to determine your likelihood of filing a car insurance claim? According to a study by Conning and Company, more than ninety percent of auto insurance companies, and an increasing number of home insurers, use your credit information, filtered through a formula to create an "Insurance risk score," to determine how likely you are to file a claim on an insurance policy. And, more than half of those insurers use that information to determine how much to charge you in premiums. What's the difference between the two? The biggest difference is that insurance risk scores look for stability, but credit risk scores look for a reliable pattern. Insurance scores are also more interested in how regularly you pay your bills than in how much you already owe. Insurers use these insurance scores to try to identify consumers who are consistent and reliable, as well as those who show a pattern of demonstrating common sense in handling money, determining that these people are less likely to file a claim on an insurance policy.

Another way to save some money using your car insurance policy is to make sure that you truly understand your insurance needs. The terms, liability, collision, comprehensive, all can be very confusing. If you own your car, do you need comprehensive insurance? Or, are medical payments, personal injury and no-fault coverage necessary for you? Talk with your insurance adjuster to determine the proper coverage for you and make sure you are not "over" insured. If you feel that your current insurance agent is not looking out for your best interests, shop around. There are literally hundred of insurance companies in the United States and each files its own rate with the state insurance departments. Also consider higher deductibles. The savings to go from a $250.00 deductible to a $1,000.00 deductible can be as much as $400 depending on your location. That means if you go for two or three years without any losses, your premium saving will have more than covered the deductible if you DO have a loss.

Using your car insurance policy to maximize your benefits and decrease your expense is also possible by adding your home owners or renter's insurance along side your car insurance policy. Also, make sure that your car insurance policy is rated correctly. Young drivers receive a credit each year up to the age of 21 and you don't have to wait until your policy renews to apply for it. Your premium is also influenced by how far you commute to work. So, if you've changed jobs or you just no longer drive as far to communte, you may be eligible for a lower rate classification.

Ask your car insurance policy agent about discounts, too. Different insurers give discounts for different reasons depending on the type of customer they are trying to attract. However, these discounts are commonly found for buying your homeowners and auto insurance from the same company, credits for being a safe driver and a good student credit if there is a young driver who maintains a B grade average in school.

And finally, maintaining a good credit score will ultimately lower the amount in premiums paid each year. Check your record at least once a year. Fix and errors you find and be sure your insurance company knows about it.