The average annual auto insurance premium last month was the lowest in more than a year, at $1,871. The average annual rate for auto insurance had reached as high as $1,950 in September of last year, according to an insurance company report.
With rates having dropped as insurance companies compete for customers, comparing auto insurance quotes could save consumers even more on their premiums, the company said.
For consumers with older cars, or cars worth less than $2,500, the insurance deductible is closing in on the value of the vehicle making collision and comprehensive coverage unnecessary. Consumers can save money now by dropping those coverages on older cars.
For consumers considering buying a new car, now is a good time to think about a new insurance policy. Some insurance companies offer discounts based on certain safety features and models of cars.
A safe car discount can come with rate deductions of 5 percent or more for air bags, antilock brakes, and antitheft devices.
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