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Auto Insurance 101: How To Get The Finest Charges – Seattle Medium

Finance FYI Presented by JPMorgan Chase

Car insurance is not only smart, it is necessary. It's illegal to drive without insurance, and many states won't issue you a license plate unless you can show proof of insurance. But it can be expensive, and shopping can be confusing. It can take some time to find the right policy at the right price, but considering that this is a monthly expense as long as you drive a car, it pays off to find the best possible rate for you.

Inform yourself

First, find out about the minimum insurance requirements in your state. The general types of motor vehicle insurance include personal injury liability, property damage liability, personal protection, and uninsured / underinsured motorist protection. Many states only include liability insurance, so check with your state and see what is necessary.

Be realistic

There are some things that simply cannot be helped when buying insurance. Younger people can expect higher rates as insurance companies work with records showing that younger people have more accidents. For this reason, your insurance tariff often drops from the age of 25. Likewise, men are usually charged higher tariffs than women. You can try to negotiate these things and some companies have tools or guidelines that allow them to evaluate drivers on a more personal level in order to come up with an offer that better suits their driving history, but unfortunately some realities cannot be avoided.

Compare and compare more

Price comparisons are tedious, time-consuming work that requires many conversations with different agents and the solicitation of quotes. But this process will help you spot any red flags in the guidelines and get the best deal for your needs. You'll get training and learning what questions to ask while saving money.

Bundle up

If you already have insurance for your home, rent, or other property, see if the company you use for that policy offers auto insurance bundling. Many companies offer discounts to customers who have more than one policy with them. Others offer discounts for long-term customers. So if you have a steadfast relationship with an insurance company, see if you can build on that. Some companies also offer multi-generation discounts for people whose parents were also policyholders.

Drive intelligently

Auto insurance companies charge higher fees from people they think will cost them more money – for example, people who are more likely to be involved in accidents than others. To prevent this from happening to you, drive safely and intelligently. Even things like speeding can count against you, so be careful. It's safe and money saving!

Boost your credit

Insurance companies also give better rates to drivers with good credit ratings. A good credit score shows that you will pay your premiums on time, and insurance companies view people with lower credit scores as higher insurance risk, fair or not. That's because they believe that people with lower credit scores will make more claims. But your driving record is even more important. So if you have good credit and bad driving history, you won't see as many benefits.

Get a smaller, more sensible car

Smaller cars usually get cheaper prices. Sports vehicles are known to have a higher rollover rate and luxury vehicles are expensive to repair when they are involved in an accident. Some companies also offer discounts on hybrid or fuel efficient vehicles.

Car insurance is necessary, but it doesn't have to break the bank. With a little time and training, you can get a plan that better fits your budget and still gives you and your car the protection you need.

Finance FYI is presented by JPMorgan Chase. JPMorgan Chase is pledging $ 30 billion over the next five years to address some of the biggest drivers of the racial wealth gap.

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