If you own a car in St. Charles, you know that auto insurance can be expensive. In fact, the average annual cost for car insurance in Missouri in 2013 was $1,638, according to Forbes magazine. Luckily, there are some simple ways to cut the cost of your auto insurance in St Charles MO. Below are the easiest ways to significantly reduce the price you’ll pay for you auto insurance policy.
Raise Your Deductible
One of the most effective ways to lower your auto insurance premium is to raise your deductible. The average deductible on car insurance is $500, but raising that number can result in significant savings. According to insurance experts, increasing your out-of-pocket expenses in the event of an accident by as little as $250 can lower you annual premium by as much as 25%.
Bundle Your Policies
If you currently have homeowners or life insurance, it can be worth your while to bundle these policies with your Auto Insurance in St. Charles, MO. Most insurance companies will offer you an overall discount of around 10% if you purchase all of your insurance needs through them. In many cases, bundling multiple insurance policies will be significantly cheaper than buying your policies from multiple insurers.
Work on Your Credit Score
If your credit score is low, you are probably paying an inflated rate for your automobile insurance. Insurance agencies use credit ratings to determine how much policies cost, and a poor credit rating often means a more expensive premium. What can you do to improve your insurance quotes? Take some time to resolve any delinquent accounts or errors on your credit report. Also, spend the next 6 months making sure all loan or credit card payments are on time. According to experts, even a 50 point increase on your FICA score can result in lower car insurance quotes.
Take a Defensive Driving Course
To insurance agencies, well-trained drivers are considered low-risk, and they’re usually eligible for discounted insurance rates. To take advantage of this, enroll in a defensive driving course in your area. According to the Department of Motor Vehicles, successful completion of a defensive driving course can result in insurance discounts of around 10%.
auto insurance policy in St Charles MO can be expensive, but there are some smart ways to lower costs. For more ways to save, talk to the experts at Associated Insurance Brokers in Missouri.
