Smart consumers are looking at their budgets carefully right now, as unemployment rises and economic security looks shaky. People are cutting back on restaurants and entertainment and trying to save around the edges of their budgets. Why not look at some big ticket items, like your auto insurance policy?
One way to save is to look closely at your auto insurance policy to see if you can make some adjustments to lower your premium. Raising your auto insurance deductible from $250 to $1,000 could reduce your premiums by up to 40 percent, according to an online insurance information provider.
Higher deductibles mean higher out-of-pocket costs should you need to file a claim. But over the short term, the amount of savings is worth considering.
Another way to trim costs is to consider carrying home and auto insurance policies with a single insurer. The Insurance Information Institute says converting to a multi-line policy could save as much as 15 percent on each premium.
Finally, shop around for a better insurance quote.
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