Compare Rates On Auto Insurance Coverage
Reader question:
I compare rates for auto insurance, but never get good ones. What’s the deal?
Sharon
Glad you asked.
If you’ve been getting quoted some high rates for auto insurance despite a perfect driving record and being middle aged, there might be a suspect you haven’t thought about: your credit report. How is it? Did you go on a shopping spree a few years ago that cost you…oh…a few thousand dollars (just!)? If you have anything particularly nasty on your credit report, you might be getting charged almost as if you were a teenager again.
So order a copy of your credit report so that you can clean it up and compare rates for auto insurance afterward. A lot of the time some of the information on your report isn’t accurate–I’ve read that this happens to as much as 10% of people with any credit at all. If you find something on your report that makes you go, “what?”, you can write into the agency and ask for proof. If there’s no proof within thirty days, you’re off the hook and it’s taken off of your report.
As for the stuff that IS your fault, well, time to start paying it off. Even if you don’t get it all paid off, just making regular payments can win your company over again and make you get better results when you compare rates for auto insurance.
Raise your deductible amount and see what happens. This can dramatically reduce your annual premiums. You only pay the deductible amount when and if you have a claim that your insurance company pays for and if you are a safe and claim free driver the last few years it will save you a ton of money in the long run. I personally carry a $1,000 deductible amount….but I have been claim free for 15 years.
take care,
Fashun