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Shopping For Auto Insurance

Discounts and Saving Money

Graphic: Piggy BankWhen you receive your insurance policy, it’s a good idea to check that the information used to determine your premium is correct. An auto insurer is required by law to provide specific rating information pages with your policy that explain how your policy is rated, what the classification codes mean, as well as how its surcharge system works. You should also check the information in your policy against these pages, and verify that:

As an insurance shopper, you should check with your insurance company or agent or broker about possible discounts that may be applicable to you, such as those for senior citizens, car pools, low annual mileage and the “good student discount” offered to youthful operators meeting certain academic requirements. You can also save money with a “multi-car discount” by insuring all your cars with the same insurance company. Since rates are generally highest for youthful drivers, young drivers should inquire about a “driver training” discount offered by many insurers for those who have taken driver’s education classes.

Discounts are generally available in the following situations:

Since the actual amount of these discounts may vary among insurers, ask your insurance company, agent or broker about any discounts that may apply to you. Most likely, you already get information about these discounts with your policy or billing statements. In addition, as stated previously, the dollar amount savings of any discounts required by law must be stated on the declarations page, or attachment thereto, of your policy.

Consumers can also save money by informing the insurer of any new conditions that may affect the nature of the insurance exposure, such as when a young driver in your family leaves home, or if a young driver goes to college more than 100 miles away and does not take the car. Most importantly, maintaining a good driving record will save you more by allowing you to qualify for the best rate.

As this Guide illustrates, your final auto insurance premium is based on many separate factors that are unique to each driver and may vary among insurance companies. On our website you will find an "Automobile Insurance Checklist" which you can print and keep handy when you shop for coverage. You'll be able to list the coverage limits and deductibles that you want in your policy and make sure that you've received all the discounts you’re entitled to.

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