|
Insurance is a cost that we’d rather not have to incur. But auto insurance is
necessary to protect yourself and other drivers in the case of an accident.
Here are some ways to reduce your policy premium, while retaining adequate
coverage for your needs.
Carry higher deductibles. Deductibles are the amount of a claim that you
have to pay before the insurance company begins to pay. If you request higher
deductibles for collision and comprehensive coverage, you can reduce your
premium. If you choose to increase your deductible(s), remember that while you
pay less in premium, you will bear more out-of-pocket responsibility in case of
an accident.
Drop collision and comprehensive coverage on older cars. If your car is
worth less $1,500, you may want to drop collision and comprehensive coverage on
that vehicle. Here’s why. What you pay for collision or comprehensive coverage
plus the deductible you are responsible for will probably exceed the amount of
a claim. Insurance companies will not pay for claims that exceed the value of
your car. To get an idea of the value of your car, visit Kelly Blue Book,
www.kbb.com.
Buy a lower-profile car. If a car has a high theft rate or is expensive
to repair, it’s going to cost more to insure. When deciding between models of
cars, check with your Penn National Insurance agent to determine the difference
in insurance costs.
Is your car a high theft risk? Your insurance agent can tell you for sure, so
check before you purchase.
Take advantage of discounts. Here are some of the many different
discounts available to you.
Low mileage—the fewer miles you drive, the less chance you have of being in an
accident.
Automatic seatbelts, airbags, or anti-lock brakes—safety devices such as these
can prevent or decrease the severity of accidents.
Multiple vehicles (given when you insure more than one vehicle with Penn
National Insurance).
Homeowner discount (given when both your home and auto(s) are insured by Penn
National Insurance).
Good driver (when you have a clean driving record for at least three years).
Antitheft devices—a device that deters a thief means lower premiums for you.
Taking driver-training courses.
Good student discounts—responsible students equal responsible drivers.
Check with your Penn National Insurance agent to see which discounts you may
apply to you.
Consider your location. Insurance rates vary greatly from state to
state, and even location to location within a state. If you are contemplating a
move and have some flexibility, you may want to contact your Penn National
Insurance agent to see if there are significant differences in premiums.
Your Penn National Insurance agent will be glad to discuss the discounts for
which you are eligible and what are the best options for you.
|