How To Reduce Your Premiums
Auto insurance. Kentucky.
Reduce the number of miles you drive each year.
An increase in miles driven equates to a bigger risk for insurance companies. There are common sense ways to reduce the number of miles you drive per year. Car pooling is one. Use public transportation. Combine your shopping trips into as few as possible.
Be a safe driver
While you can't erase the past, you can start now to compile a safe driving record. Check with your agent to see if there are any defensive driving schools you can complete that could help your record or reduce your premiums right away.
All moving violations count against your insurance rate. If you have had a one-time mistake, you may be able to complete traffic school in lieu of a violation. The Kentucky Department of Motor Vehicles may allow you to complete traffic school online. If you are a repeat offender, you are going to pay the price to the court and to your insurance agent.
The installation of theft alarms and tracking systems will often reduce your premium.
Anti-lock brakes, side and front airbags, automatic seat belts are safety features that insurance companies consider in setting your policy premium. There are things you can't see that affect the safety of your vehicle. The Insurance Institute for Highway Safety ranks vehicles according to their performance in crash tests. ( IIHS ) . Or check with the National Highway Traffic Safety Administration to see how your car rates on safety.
Watch What Car You Buy
When you get ready to buy a new car, do you research. Insurance.com compares the cost of insuring different models and makes of car based on theft, injury and collision.
Buy in Multiples
When you group drivers and policies with one insurer, you will usually save on premiums across the board. It is less expensive to insure multiple drivers on one policy, rather than have each driver insured under a separate policy. You can qualify for additional savings by buying your homeowners, renters, life and health insurances from the same company.
Discounts Available to Teen Drivers
Although teen drivers are expensive to insure, there are still ways to reduce the cost of insuring young drivers. In many cases, you will get discounts for good grades, and driving school. If your teen is away at college (usually a minimum of 100 miles from home) and does not take a car, notify your insurance company. Your policy premium will reflect his or her limited driving.
Make Fewer Payments
Insurers usually charge a service charge to have your premiums divided into monthly, quarterly, or biannual payments. If your budget allows, pay for your insurance yearly or biannually.
Uninsured/Underinsured Motorist Insurance
Uninsured/Underinsured Motorist Insurance is the most important insurance you can buy.
The Insurance Research Council (IRC) estimates 14% of drivers are uninsured: in Kentucky, 12% of drivers are uninsured. In addition, Kentucky's required liability insurance of $25,000 per person is less than the average personal injury claim ($35,000). It is advisable to keep these two facts in mind when buying Uninsured Motorist (UM) and Underinsured Motorist Insurance (UIM). These types of coverage will protect you in the event that you suffer a serious personal injury in an accident with an uninsured motorist, or one who is driving legally, but with insufficient coverage to cover serious personal injuries. UM insurance also protects you in the event of a "hit and run" accident. In these events, your own insurer pays for the cost of your injury within the limits of your policy.
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