With the rising number of car accidents and the rising cost of car insurance these days you want to be sure you're getting the best insurance at the best rate. Here are three car insurance tips that will show you how to save the most amount of money.

 

Tip #1 - Shop for quotes. Shopping for quotes is by far the best way to save the most money on your insurance premium. There are a number of websites that will give you quotes from top insurance companies so you can compare them and get the cheapest rate. (See links below.)

I've known people who've saved $500 to $1,000 on their car insurance simply by switching companies.

Tip # 2 - Increase your deductibles. A deductible is the amount you pay on a claim before your insurance kicks in. Most of us never file claims for small amounts of damage because insurance companies can hike up your rates if you file too many claims, so it only makes sense to increase your deductible to an amount you feel comfortable with.

Increasing your collision deductible from $200 to $500 will cut your yearly premium by 15% to 30%. Increasing it to $1,000 can cut your premium in half.

Tip #3 - Drop collision coverage. Collision covers the cost of repairing damage to your car regardless of who was at fault. If you drive an older car, consider dropping collision coverage if your premium is equal to 10% or more of your car's value.

Dropping your collision coverage can save you $300 to $500 a year depending on the age and make of your car.

About the Author:

The author, Brian Stevens, is a former insurance agent and financial consultant who has written extensively on money-saving car insurance tips.