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How to Reduce Automobile Insurance Costs | Dakota Low

How to Reduce Auto Insurance Costs?

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Auto insurance costs vary significantly based on the insurance company or agent you select, the types and amounts of coverage you desire, and the sort of vehicle you drive. You can save money on insurance by doing the following:

Shop Online and Compare Quotes

Depending on the insurance provider chosen, a family’s auto insurance costs in Oklahoma can vary significantly for equal coverage. As a result, it’s critical that you pick your insurance carrier wisely. Request premium quotes for coverage that suits your individual needs from numerous insurance companies or brokers.

You should also inquire about the experiences of your friends and relatives with various insurance firms. You should not choose an insurance provider with a terrible reputation for service, regardless of pricing.

Consider Increasing Your Deductibles

A deductible is the amount of money you will pay out of pocket on a claim before your insurance company is responsible for anything. You may save a lot of money on your insurance premiums by raising your collision and comprehensive (fire and theft) deductibles to $200 or even $500.

Some Non-Mandatory Coverages Can Be Refused

If your medical insurance is excellent, you may want to consider dropping medical payments coverage from your auto policy, thus reducing insurance costs. However, keep in mind that Personal Injury Protection (PIP) pays not only for medical expenditures but also for up to 80% of your lost wages, subject to the amount of your PIP coverage. PIP coverage is reasonably priced and can be quite beneficial to you.

Take Advantage of Special Offers

Enquire with your insurance agent about available savings, such as the following:

  • MULTI–CAR — Insuring different cars with different firms makes no sense.
  • MULTIPLE POLICY – Buying your auto and homeowner’s insurance from the same company, for example, may save you money.
  • DRIVER’S EDUCATION – Discounts are available for both students and adults who complete authorized defensive driving or driver education programs.
  • DRUG AND ALCOHOL AWARENESS Programs – If you finish approved drug and alcohol awareness classes, insurance providers will give you a discount.
  • ANTI–THEFT DEVICES — Auto alarm systems and other anti–theft devices may qualify you for a comprehensive coverage discount.
  • PASSIVE RESTRAINTS – For air bags or automatic seat belts, companies offer savings.
  • ANTI–LOCK BRAKES — Some companies will give you a discount if your car has anti–lock brakes.
  • LOW MILEAGE – Drivers who travel less than a certain amount of miles per year may be eligible for a discount.
  • SAFE DRIVER – If you haven’t had any recent accidents or moving offenses, you may be able to save money.
  • GOOD STUDENT – Students who maintain good grades may be eligible for a discount. 
  • MATURE DRIVER – Drivers over 50 years old may qualify for a discount.

Become an Excellent Driver

Moving infractions, particularly those involving DWI or reckless driving, can have a significant impact on your insurance costs.

Purchase Automobiles That Are Subject to Lower Rates

Automobiles that are more expensive to fix, are more likely to be stolen, or have a high statistical probability of bodily injury claims are more expensive to insure. Before buying an automobile, talk to your insurance agent about certain models.

Remember to ask each firm for a total premium quote for your whole insurance package.

We primarily handle personal injury lawsuits at The Law Office of Dakota Low Law Firm, including automobile collisions, product liability claims, and premises liability claims.

Please contact Dakota Low at 405.601.8899 or use our contact form.

If you have any legal issues. If we are unable to assist you, we will make every effort to direct you to an attorney or an agency that can provide you what you need.

Common Myths About Auto Insurance

That May Help You Reduce Your Car Insurance Costs and Get the Best Price Possible

It’s a good idea to do your study and not accept everything you hear when buying auto insurance for the first time or completing an annual evaluation of your policy. Knowing the difference between fact and fantasy will help you get the greatest insurance policy for your car.

Myth: Your credit score has no bearing on the insurance costs.

Fact: Your credit-based insurance score is taken into account by many insurance firms.

Your insurance score is frequently based on your credit. When you wish to purchase, update, or renew your auto insurance coverage, your insurance score is used to determine how well you handle your financial concerns. If your credit score is factored into the pricing equation, you will often pay less for insurance if you have strong credit.

Myth: If your automobile is stolen, hit by an uninsured motorist, vandalized, or damaged by falling tree limbs, hail, water, or fire, any insurance coverage will cover you.

Fact: Only comprehensive coverage, which is an optional plan, will protect you from those disasters.

Comprehensive and collision coverage are both optional and will raise the cost of your insurance premium. However, many lenders need you to have complete coverage on your vehicle if you finance it. It may not be financially effective to obtain complete coverage if you drive an older car or one valued less than $1,000. However, having collision and comprehensive coverage is the best way to ensure that your vehicle is fully protected against all forms of damage.

Myth: You only need the bare minimum of motor liability insurance to comply with the law.

Fact: To be a legal driver, state laws need a minimum liability amount; nevertheless, this is unlikely to be sufficient coverage in the event of an accident. In Oklahoma, the minimum liability coverage is 25/50/25, which is $25,000 per person for physical injury, $50,000 per accident, and $25,000 for property damage.

Accidents frequently cost more than these minimum levels, so obtaining simply the bare minimum of liability insurance means you’ll likely pay extra out of pocket for losses sustained as a result of an accident. The insurance industry recommends carrying a minimum of $100,000 in bodily injury protection per person, $300,000 per accident, and $100,000 in property damage protection, or 100/300/100.

Myth: If you let other people drive your car, their auto insurance will cover them if they get into an accident.

Fact: Because comprehensive and collision coverages are expressly tied to the car, the car owner’s insurance will give physical damage coverage. The automobile owner’s liability insurance follows the car in Oklahoma, as it does in most jurisdictions, as long as the owner grants the driver permission to drive. The driver is required by law to carry liability insurance if the owner has failed to obtain it.

Myth: Auto insurance premiums are determined by color

Fact: The type of vehicle you buy affects the insurance costs. The color of the vehicle is a long-standing fallacy about auto insurance costs. For years, many people have maintained the assumption that driving a certain color of the automobile will result in higher insurance costs. Red automobiles, for example, have long been associated with speeding or aggressive driving, and so with higher insurance costs.

The truth is that it makes no difference what color the car is, only what type it is. Premiums for auto insurance are determined by the car’s make, model, body type, engine size, vehicle age, and the driver’s age, driving record, and credit history. The cost of repairs, the car’s overall safety record, and the likelihood of theft are all factors that go into determining premiums. Simply told, insurers aren’t interested in the color of a car; instead, they want to know if you’ve been in any previous automobile accidents, how many miles you drive per year, and where you reside.

Please call the Oklahoma Insurance Department’s Consumer Assistance Team at 1-800-522-0071 if you have any insurance-related questions. For additional information on picking an auto insurance policy, go to https://www.oid.ok.gov/insurance-basics/.

Contact Dakota Low today for a free case review and consultation at 405.601.8899 or use our contact form if you have legal question or need help with insurance claims or have been in an accident. We can Help!

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