Re: wise tips to cut insurance cost

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http://www.oneshopinsurance.com like a good neighbor,
they'll give rebates to their customers if claims are down
for a given year

On 5/09/06, ray wrote:
> 1. Don't lie on an application. This is about the worst
> thing you can possibly do. If you lie, you'll get caught
at
> some point. You'll then be cancelled/declined, and that
> will follow you around for years. You'll notice on each
> application, there is a question something along the lines
> of, "Have you ever been denied insurance or had a policy
> cancelled before?"
>
> They'll check. They'll also pull your MVR (Motor Vehicle
> Report). They'll also likely run a CARFAX on your vehicle
> to see if it has been involved in any prior accidents.
>
> 2. Pick the highest deductible that you can afford. This
is
> difficult for many people to comprehend. Many times,
people
> will choose $500 or $1000 deductibles because it makes the
> premiums very attractive. Unfortunately, when you get into
> an accident (your fault or not), you then have to pony up
> the deductible (unless the other carrier pays for your
> damage). As an adjuster, one of the most common complaints
> that I'd hear is, "Well, I don't have $1000 in the bank to
> repair the car. The accident wasn't my fault. What are you
> going to do about it?"
>
> Unfortunately, the answer typically is that the adjuster
is
> not going to do anything about it, aside from try to get
> your deductible back from the responsible party, either by
> the process of subrogation (one insurance company going
> after another) or a lawsuit if the person is uninsured.
> Neither guarantee success, and in most cases, the adjuster
> is going to require that
> your vehicle be fixed prior to taking any action against a
> responsible party because, if we do it beforehand and the
> repairs cost more than the demanded amount, the insurance
> company is out that additional money.
>
> So, the rule of thumb is as follows: If you don't normally
> have $1000 in the bank, then don't take the $1000
> deductible. If you really only have $500 or $250 in the
> bank at any one time, choose that as your deductible
> amounts.
>
> 3. Know the value of your vehicle. Many people throw out
> thousands of dollars per year on useless insurance. A good
> and honest insurance agent will help you determine if you
> need Comprehensive and Collision insurance. A less-than-
> good agent (not necessarily dishonest, but let's leave it
> at inexperienced) will write you up any coverage you want
> without asking money-saving questions.
>
> To recap, a $500 deductible might wind up being more than
> that when depreciation is factored into the mix.
Sometimes,
> with engines for instance, the depreciation can be several
> thousands of dollars and also check insurance companies
> current price.