Tag Archives: Tips

7 Tips to Reduce Your Car Insurance Rate

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Here are several ways to reduce car insurance rates.

Choose the ones that suit you, your car and your age and circumstances best.

  1. The car you drive affects your insurance rates. Choose wisely.

    Yes, we all want that super hot fast sports car. Buying and driving it, however, will make your car insurance rates higher than they need to be. Before you buy a car, it’s a good idea to collect all the details about insurance for that particular make and model. Include both the cost of mandatory (in most states) liability insurance rates, as well as optional, but sometimes financially smart, theft and comprehensive insurance.

    Your insurance rate depends upon the price and the repair cost of the car, should you have an accident. Insurance companies also offer theft insurance, which pays you the (wholesale) value of the car in case of theft. This can be a good idea, especially if you take out a loan to buy the car. In fact, the lender may require you to have this type of insurance. Some cars are more popular with thieves than others, so it’s worthwhile to check this out (theft rate) before you make your car purchase.

  2. Where you park your car overnight will also affect your rates. If you have access to a garage or other protected environment, you most likely will pay less than if not.
  3. The surest way to reduce your auto insurance payments is to ask for higher deductibles. The deductible is the amount of money you have to pay from your own pocket when a claim is made before your insurance company pays the rest. The higher the deductible, the lower the premium amount.
  4. If you have a good driving record – no tickets, no accidents, then you have an excellent chance for lower rates.
  5. You can have all your (and your family’s) insurance policies with the same insurance company to get more discounts. Group auto insurance is also an option for a reduction in your auto insurance premiums.
  6. Some online insurance policies offer a discount. So buying online insurance is a good way to save some money.
  7. Take a Driver’s Education course. Most insurance companies will offer a discount if you can show that you have successfully completed a Driver’s Education course.

These details may differ from one state to another and one insurance company to another. So you should collect 2 or 3 quotes from different insurance companies and choose the best one that suits you, your car and your financial condition.

Save Money on Gas

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The United States Energy Information Administration has reported that in 2010, the average price per gallon of gas was $2.78, and in 2011, is expected to reach almost a dollar more at $3.70 per gallon.

For people that still remember paying 99 cents per gallon back in the nineties, this is a big shocker, and a sign that things are changing and changing fast. Learning to save money on gas is no longer just an option, but a necessary way of life.

But how do you do it, especially as gas prices continue to rise? We’ll show you how in the next few steps.

  1. Drive Less

    Yes, it’s obvious, but almost so obvious that people don’t think about it. Consider grabbing a bicycle for short rides to the store or walking children to school instead of driving them (if you can).

  2. Ride on Two Wheels

    Motorcycles and scooters get great gas mileage, so if you’ve ever had the thought of buying one then now is the perfect time to do so. You can often find a new or used motorcycle for less than $10,000.

  3. Trade in for a Hybrid

    If your car is killing you on gas, then consider trading it in for a hybrid. This is tough to do if your car is new or you owe more than it’s worth, but if you crunch the numbers, it might make sense to make the change so you can save money on gas.

  4. Buy Low

    Treat gas prices like the stock market, and try to stock up on fuel when it drops. Buy gas cans and fill them up too. It never hurts to have an abundance of gas if you can buy low and use high.

  5. Pay Cash

    Many gas stations offer discounts for paying at the pump with cash. If you find one that does, get in the habit of carrying around some spare cash explicitly for this purpose.

  6. Specialty Cards

    Some gas stations offer discounts for paying with their credit cards or their special members cards. The trick here is to make sure you pay it off as soon as you can so that the bills don’t pile up on you.

  7. Rideshare

    On Craiglist you will find plenty of people looking to bring an extra person on board to help save money on gas. If you don’t trust Craigslist, it wouldn’t hurt to ask a co-worker, friend, or neighbor to go 50/50 with you on daily commutes or long trips.

  8. Public Transportation

    Many cities have bus routes and train routes that ride through most of the major areas. If you’re having a hard time paying for gas, then looking into this option will help you get around without filling up the tank.

  9. Cheap Gas Websites

    There are nearly a dozen websites and mobile applications that post regular updates on where you can find the cheapest gas in your area. Use these and you’ll save money on gas every time you fill up.