Tips For Saving Money On Automobile Insurance Premiums

• Comparison shop: Colorado has a vibrant automobile insurance market with numerous insurers competing for your business. When shopping for insurance be sure to compare similar coverage and available options. Also, be sure to review the financial condition of the insurance company and its customer service record.
• Find out the cost to insure the car – before you purchase it: Certain vehicles cost more to repair or may cause more damage to another vehicle if involved in an accident. If you finance the vehicle you will need to purchase physical damage coverage as a condition of the loan. Check the cost of insurance before making that big purchase.
• Consider your level of deductibles: You may reduce your policy premium by increasing your comprehensive and/or collision deductibles. The deductible is the amount of money you need to pay before the insurance company pays for a loss. Be sure whatever deductible amount you choose you are able to cover that amount. You may have to pay the deductible whether you are at fault or not at fault in an accident.
• Consider your coverage: Eliminating or lowering your physical damage coverage on older vehicles may lower your premium. If you have a loan on the car, your lender will require you maintain certain levels of physical damage coverage.

Ask about available discounts: The following are discounts most insurance companies offer and may be available to you:

• Multiple car discounts – two or more cars insured with the same company
• Multiple policy discounts – two or more types of policies with the same company (for example: auto and home, auto and life, auto, home and umbrella)
• Anti-theft devices
• Air bags or other safety equipment
• Participation in driver’s education courses including a 55 Alive program
• Good student discounts