Insurance Tips For Those Leaving Their First Home

When a person grows up to the point when he or she is ready to leave the parents'

house and live independently it's certainly a moment for becoming mature and living a whole new life. But with all the possibilities this step provides there are also many responsibilities that come into the big picture, especially financial ones. If you are lucky to have your own car by now this usually means that you have to get a policy on your own, which can be a costly move compare to your parents' policy. Here are a few tips on making auto insurance affordable while you're moving away from your parents.

Consider your budget

Before even moving away from your parents' house the first thing you should think of is your budget. You should know how much money you will have and how much you will have to spend on different things including auto insurance. Some people realize at this point that their policy is too costly and coverage has to be reduced in order to keep the cost within the budget. Others might feel like they can afford more coverage. Yet, without a proper budget you can never tell how much is enough and what you can actually afford.

Get discounts

There different discounts you can use in order to get your premiums lower. First of all, consider getting car insurance quotes from the same provider you already have other insurance services, such as apartment insurance. If you have different policies from the same insurer you can get really good quotes. Good drivers can benefit from better car insurance quotes if they have a clean driving record. If you're still a student, you can get good discounts by maintaining an average of B and higher.

Tweak your deductibles

Deductible is the amount of money you should pay out of own pocket before the coverage applies. The usual amount of deductible with most policies is $100 or $250. By raising the deductible you automatically lower your premium. And you can go up to $1,000 or even higher depending on the provider. Still, remember that you should be able to pay the deductible when it's needed, otherwise there's no point in setting it so high that you won't be able to meet it and get proper coverage.

Review coverage amounts

Every car insurance policy delivers different coverage types, each with its own amount. And there's a direct relation between the amount of coverage and your premiums. The more coverage you get the more costly will be your policy. So if you feel that car insurance costs too much for your current budget, you should review your policy and see if any coverage types can be excluded or modified. For example, collision and comprehensive coverage are definitely a good option, but if you're driving an old car at this moment there's simply no sense in having them in your policy since they will only cover the market value of your vehicle if it gets damaged.

by: Haz Duell

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