Driving down car insurance rates
The ideal way to save money is to exert effort once and automatically reap savings over and over again, every month. That's why examining your car insurance makes a lot of sense.
Auto insurance prices vary widely. On average, car insurance cost Americans $789 per vehicle annually in 2008, the most recent year of data provided by the National Association of Insurance Commissioners.
But your costs could be far higher or lower because of the state you live in. For example, Florida, New Jersey and New York were among states where the average was more than $1,000 annually. North Dakota's average expenditure was $503.
"In an age when people are cutting out cable television, it pays to look at car insurance," said Des Toups, managing editor of CarInsurance.com.
Here are ways to save on car insurance:
COMPARE: Premiums can be very different for the exact same policies, depending on what factors an insurer chooses to emphasize in its rate formula.
"It's a calculated bet," said Des Toups, managing editor of CarInsurance.com. "The insurer asks, 'What's the least amount of risk we can take to make the most amount of money?' That's why the numbers are so different."
For the youngest drivers, comparison shopping could save about $1,100 a year, according to a study by CarInsurance.com. You might think you get better service from higher-priced insurers, but there seems to be no correlation, according to a study by the Consumer Federation of America.
"Many people stick with the same insurance carrier year after year without ever shopping for a better deal," Consumer Reports says in its guide to car insurance. "Blind loyalty to one insurer can cost you dearly."
Check your state insurance department website for comparative information on insurers in your state.
BUNDLING: Choosing an auto insurer is important, too, because you might want to get your home insurance through the same carrier. Auto rates vary more and probably are more expensive, so let that be the insurance that, well, drives your decision.
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