By Dr. Kavita
There is no single magic key to open up a car insurance with lower premium rates. Each of the car insurance companies has a different way of assessing the risks and factors affecting their insurance premium rates and hence it becomes necessary to look and probe around in order to find some cheaper insurance deals.
While not all of these tips mentioned here will work for everyone, but there sure is something for every one of us to try out. Some of the situations or conditions that contribute towards lowering your car insurance premiums are described below:
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You put more candles on your birthday cake
Age is a single factor that can provide you with some discounts on your car insurance premium rates. Just by celebrating your 21st and 25th birthdays, you become entitled to receive discounted premium rates.
Your credit score is better off now
If you are one of the lucky few who have a credit score that has improved over time and is actually now much better than before, then you can expect to see lower rates on your car insurance premiums. The explanation is simple. You are now considered as a lower risk customer and the insurance company wants to reward you with a lower premium rate.
You just tied the knot
Not all of the car insurance companies do so, but a few of them do consider a married person to be less risky than a bachelor. So if your latest records show that you have got hitched, then you might be rewarded with a pleasant discount in your premium rates.
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You completed graduation
Some of the car insurance companies like to favor alumni of certain Universities and colleges and provide a discounted rate for them. You can check out if your University from where you just graduated out qualifies for a discounted rate.
At the same time, there is a general tendency among the insurance service providers to consider a graduate to be at a lower financial risk than a non graduate. So even if your University is not on he list of favored customers, you still will find a discount for the simple reason that you successfully graduated out of college.
Your miles driven record shows a smaller amount
The logic behind considering miles driven by a car driver in calculating the premium rates is that more the car is out on the roads, more are the chances of it getting involved in an accident or more is its exposure to risk. So if your records indicate that you have a smaller amount of miles driven by your car, then you automatically qualify for a lower rate.
You shifted house
You might already be aware that your geographical location affects your car insurance rates. If you are lucky enough to have shifted home to a State where the car insurance rates are lower, you will be charged less.
If any of these situations have arisen in your life, you should intimate the car insurance company and get the discounts that you rightly qualify for.
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