Have you seen those Geico commercials with the "googley eyed stack of money"? The truth is you can earn yourself a stack of money with every single auto insurance company in the world! It is just a matter of adjusting your coverages to find the premiums you want to pay.
Increase your deductibles and pocket money!
If your current deductible is anywhere below $500, you are paying a premium for your coverage. The Insurance Information Institute (http://www.iii.org/) suggests raising deductibles as your first option of decreasing your insurance premiums.
By simply inreasing your collision or comprehensive deductible from $100 to $500, your coverage premium will be reduced by 15% to 35%. What does that mean for you? Take an a normal annual premium of $1500 - that means savings of $225 - $525 per year! Step your game up another notch and increase your deductible all the way to $1000 or remove it entirely and you could be saving even more!
Don't forget that your deductible is the amount of money you pay out-of-pocket before your coverage will ever kick in. The higher the deductible, the more you pay. The truth is, that a higher deductible may save you even more money in the long run. Psychologically, the higher your deductible, the less likely you are to make a claim on your insurance. The cleaner your record is, the better your rates will be!
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Thanks to http://www.fool.com/ for compiling so many reasonable investing ideas including this one!
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