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How to lower icbc insurance?

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Answer # 1 #

Car insurance costs are different for every driver depending on the state in which they live and their choices of insurance companies and the type of coverage they carry. A typical driver spent $1,176 on car insurance in 2020 based on the most current figures provided by the National Association of Insurance Commissioners (NAIC). NAIC data indicates that premiums decreased by 2.4% between 2019 and 2020.

Data from AAA put the average cost of car insurance for new vehicles slightly higher, at $1,202 annually when compared in 2020. The numbers are fairly close together, suggesting that you may have to include $100 or so per month for auto insurance as you budget for a new car purchase.

You can use a number of strategies to save on car insurance premiums.

You might end up paying more per vehicle to insure a single vehicle rather than insuring several vehicles with the same company. Insurance companies often offer what amounts to a bulk rate because they want your business.

Multiple drivers must generally live at the same residence and be related by blood or by marriage. Two unrelated people may also be able to obtain a discount, but they must usually own the vehicle jointly.

You can expect to pay more to insure them if one of your drivers is a teen, but you may be able to get a good student discount if their grades are a B average or better, or if they rank in the top 20% of their class. These discounts generally last until your child reaches age 25. They can range from as little as 1% to as much as 39%, so be sure to show proof to your insurance agent if your teen is a good student.

Some companies may also provide an auto insurance discount if you maintain other policies with them, such as homeowners insurance. Allstate offers up to 25% off when you bundle your homeowners and auto insurance together.

Be a safe driver. The more mindful you are, the more accidents or moving violations you’ll be able to avoid and these are events that raise your insurance rates. Travelers offers safe driver discounts that can vary depending on your driving record.

Insurance companies sometimes provide discounts to drivers who complete an approved defensive driving course. Drivers may also be able to reduce the number of points they have on their licenses by taking a defensive driving or accident prevention course.

It’s important that the effort being expended and the cost of the course translate into enough insurance savings, so make sure to ask your agent/insurance company about this discount before you sign up for a class. It’s also important that you sign up for an accredited course. Every state has its own rules about accreditation. GEICO allows you to check what they are by state on its website.

Consider shopping around and comparing quotes from several companies if your policy is about to renew and the annual premium has gone up markedly. It makes sense to obtain quotes from other companies every year or two regardless, just in case there's a lower rate out there.

But cheap doesn’t always mean good. The insurer’s creditworthiness should also be considered. What good is a policy if the company doesn’t have the financial strength to pay its insurance claims? Consider checking out a site that rates the financial strength of insurance companies.

The financial strength of your company is important, but what your contract covers is also important, so make sure you understand it. Insure.com’s site bases its insurance company ratings on data assembled by Standard and Poor’s.

A company will generally have you complete a questionnaire when you sign up for auto insurance. The number of miles you drive the insured automobile per year is one of the questions you can expect to be asked.

You'll generally pay higher premiums if you use your vehicle to commute three hours to work every day than if you drive only one mile a day, so consider using mass transit to rack up fewer miles. But keep in mind that you'll probably have to decrease your mileage significantly before receiving a discount. Ask your insurance company about the company’s different mileage thresholds so your efforts won’t be wasted.

A huge SUV might sound like a fun ride, but insuring a 5,000-pound, top-of-the-line vehicle can be more expensive than insuring a small but safe lower-cost commuter car. Some insurers offer discounts if you buy a hybrid or an alternative fuel vehicle. Farmers Insurance offers a 5% discount for these types of vehicles.

You can typically choose how much of a deductible you want to pay when you select car insurance. This is the amount of money you'll have to pay out of pocket before insurance picks up the tab for the balance in the event of an accident or other type of claim. Deductibles typically range from $250 to $1,000, depending on the policy. The catch is that the lower the deductible, the higher the annual premium usually is. Conversely, the higher the deductible, the lower the premium.

Ask your agent how your premium might be affected if you increase your deductible. It might reduce your annual premium better by several percentage points or the savings might be minimal.

Raising the deductible might be a sensible move if you're reluctant to file smaller claims to avoid the risk of pushing up your premium.

Your driving record is a big factor in determining auto insurance costs because someone who has been in a lot of accidents could cost an insurance company a good deal of money. But some insurance companies also consider credit ratings when they're determining insurance premiums. Michael Barry, senior vice president and head of media relations of the Insurance Information Institute, puts it this way:

It’s unlikely that you'll move to a different state simply because it has lower car insurance rates. But the potential change in your car insurance rate is something you'll want to factor into your budget if you're planning a move.

Dropping certain types of coverage can be a slippery slope because you can't predict if or when an accident will occur. But it may make sense to drop collision or comprehensive coverage if you're driving an older automobile that's on its last legs,

The insurance company would likely total the car if the vehicle was involved in an accident in this case. It may not make sense to buy collision coverage if the car is only worth $1,000 and the coverage will cost you $500 per year.

You might be able to reduce your premiums if you install anti-theft devices. GEICO offers “potential savings” of 23% if you have an anti-theft system in your car. Your insurance company should be able to tell you specifically which devices can reduce your premiums. Car alarms and LoJacks are two types of devices that you might want to inquire about. Consider whether the cost of adding the device will result in significant enough savings to be worth the trouble and expense.

There may be other cost savings available in addition to those mentioned here. It often makes sense to ask if there are any special discounts a company offers, such as for military personnel or employees of a certain company. You never know what sort of discount pricing might be available for your circumstances.

Black box insurance is a usage-based program that may be available to you if you're a safe, low-mileage driver. Allstate’s Drivewise is one such program. You'll receive a discount just for signing up, then every six months for safe driving.

You must let your insurer track your driving through a telemetric device installed in your car so it can gauge how much you drive, when you drive, and how well you drive. You might be able to save money with this type of program if you drive fewer than 10,000 miles a year.

You might also want to check for discounts such as offers to let you pay the entire annual or six-month premium at once. Agreements to receive e-bills and documentation can save you some money, as can memberships in particular organizations or groups that offer discounts.

But don’t be swayed by a long list of possible discounts. Compare both the discount and regular prices from multiple insurers.

You might not need all the bells and whistles available in a policy, such as roadside assistance and car rental coverage. Go over your insurance policy line by line and ask about removing anything you might not need.

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Twink Thieltges
Corsetier
Answer # 2 #

Listed below are other things you can do to lower your insurance costs.

Prices vary from company to company, so it pays to shop around. Get at least three price quotes. You can call companies directly or access information on the Internet. Your state insurance department may also provide comparisons of prices charged by major insurers.

You buy insurance to protect you financially and provide peace of mind. It’s important to pick a company that is financially stable. Check the financial health of insurance companies with rating companies such as AM Best (www.ambest.com) and Standard & Poor’s (www.standardandpoors.com/ratings) and consult consumer magazines.

Get quotes from different types of insurance companies. Some sell through their own agents. These agencies have the same name as the insurance company. Some sell through independent agents who offer policies from several insurance companies. Others do not use agents. They sell directly to consumers over the phone or via the Internet.

Don’t shop by price alone. Ask friends and relatives for their recommendations. Contact your state insurance department to find out whether they provide information on consumer complaints by company. Pick an agent or company representative that takes the time to answer your questions. You can use the checklist on the back of this brochure to help you compare quotes from insurers.

Before you buy a new or used car, check into insurance costs. Car insurance premiums are based in part on the car’s price, the cost to repair it, its overall safety record and the likelihood of theft. Many insurers offer discounts for features that reduce the risk of injuries or theft. To help you decide what car to buy, you can get information from the Insurance Institute for Highway Safety (www.iihs.org).

Deductibles are what you pay before your insurance policy kicks in. By requesting higher deductibles, you can lower your costs substantially. For example, increasing your deductible from $200 to $500 could reduce your collision and comprehensive coverage cost by 15 to 30 percent. Going to a $1,000 deductible can save you 40 percent or more. Before choosing a higher deductible, be sure you have enough money set aside to pay it if you have a claim.

Consider dropping collision and/or comprehensive coverages on older cars. If your car is worth less than 10 times the premium, purchasing the coverage may not be cost effective. Auto dealers and banks can tell you the worth of cars. Or you can look it up online at Kelley’s Blue Book (www.kbb.com). Review your coverage at renewal time to make sure your insurance needs haven’t changed.

Many insurers will give you a break if you buy two or more types of insurance. You may also get a reduction if you have more than one vehicle insured with the same company. Some insurers reduce the rates for long-time customers. But it still makes sense to shop around! You may save money buying from different insurance companies, compared with a multipolicy discount.

Establishing a solid credit history can cut your insurance costs. Most insurers use credit information to price auto insurance policies. Research shows that people who effectively manage their credit have fewer claims. To protect your credit standing, pay your bills on time, don’t obtain more credit than you need and keep your credit balances as low as possible. Check your credit record on a regular basis and have any errors corrected promptly so that your record remains accurate.

Some companies offer discounts to motorists who drive a lower than average number of miles per year. Low mileage discounts can also apply to drivers who car pool to work.

Some companies offer reductions to drivers who get insurance through a group plan from their employers, through professional, business and alumni groups or from other associations. Ask your employer and inquire with groups or clubs you are a member of to see if this is possible.

Companies offer discounts to policyholders who have not had any accidents or moving violations for a number of years. You may also get a discount if you take a defensive driving course. If there is a young driver on the policy who is a good student, has taken a drivers education course or is away at college without a car, you may also qualify for a lower rate.

When you comparison shop, inquire about discounts for the following:*

Antitheft Devices Auto and Homeowners Coverage with the Same Company College Students away from Home Defensive Driving Courses Drivers Ed Courses Good Credit Record Higher deductibles Low Annual Mileage Long-Time Customer More than 1 car No Accidents in 3 Years No Moving Violations in 3 Years Student Drivers with Good Grades

*The discounts listed may not be available in all states or from all insurance companies.

The key to savings is not the discounts, but the final price. A company that offers few discounts may still have a lower overall price.

Reviewed by:

Federal Citizen Information Centerwww.pueblo.gsa.gov

National Consumers Leaguewww.nclnet.org

[5]
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Nurjahan Kashani
LABORER AMMUNITION ASSEMBLY I
Answer # 3 #

If you pay for your policy in full, set up automatic payments, pay online, or go paperless, you can save. Insure multiple vehicles or get different policy types (like home and auto) from the same company can earn a discount. Young drivers with a “B” average or higher are eligible for discounts.

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G zhklmzgw Akbar
COPY LATHE TENDER
Answer # 4 #

Some things are out of your control, such as rising costs to fix your vehicle or increasing medical costs and fraud.

The good news is, there are some things you might be able to do to lower your insurance rate if it seems too expensive.

Here are some ways to save on car insurance1

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He DeBord
Chief Compliance Officer
Answer # 5 #

Some things are out of your control, such as rising costs to fix your vehicle or increasing medical costs and fraud.

The good news is, there are some things you might be able to do to lower your insurance rate if it seems too expensive.

Here are some ways to save on car insurance1

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Rizwan Gogate
BATTERY REPAIRER
Answer # 6 #
  • Increase your deductible.
  • Check for discounts you qualify for.
  • Compare auto insurance quotes.
  • Maintain a good driving record.
  • Participate in a safe driving program.
  • Take a defensive driving course.
  • Explore payment options.
  • Improve your credit score.
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Pira Kikoïne
Pulmonary Nursing