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5 Big Bills You Can Cut Fast

5 Big Bills You Can Cut Fast

By Leslie Geary / for The Daily News

Car insurance

Americans typically spend $820.91 to insure one vehicle per year, but in many parts of the country, premiums can reach “thousands of dollars,” according to the latest study by National Association of Insurance Commissioners. Yet there’s still much you can do to lower rates.

Boost your deductible. That’s the amount you pay out of pocket before insurance kicks in. Raise yours from $250 to $500, and you’ll shave money from your insurance premium because you’re essentially agreeing to take on more financial burden in the event of a mishap.

Trim insurance for that old clunker. If your wheels are worth little, consider getting rid of collision coverage, which pays for repairs.

Snag low-mileage discounts. Have you cut back on your driving to save gas? Let your insurer know. If you don’t drive much (less than 7,500 miles a year), you can usually get rates lowered.

Bundle your policies. Buy more than one policy from the same insurer and you may well get a break of 5 percent to 15 percent, according to Insurance Information Institute. So try keeping your auto, homeowners and other insurance policies with one company.

Make age-appropriate auto decisions. A driver’s age may impact insurance rates. So, restrict your teen to driving the family’s oldest car. Then, let the insurance company know your son or daughter has no access to more valuable cars you own. Older drivers may also pay higher rates. Seniors ages 55 to 70 may qualify for price breaks if they take a safe-driving course, such as the 55Alive program that’s run by the Automobile Association of America and the National Institute of Highway Safety.

Courtesy of © 2008 YellowBrix, Inc.<

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