If you’re shopping for car insurance, you may be tempted to purchase the cheapest policy to reduce your monthly expenses. However, this is not always the best option, as it can leave you vulnerable to higher costs, should you ever need to use your policy. At Ridgway & Associates Insurance Agency, Inc., based in Hudson, OH, the agents want to help you understand the factors influencing your monthly costs, so you can make the best decision for your needs.
Here are a few of the most influential factors, so you can figure out how to cut your costs without cutting your coverage:
- Deductibles & Insurance Limits: When you file a car insurance claim, you’ll need to pay the deductible specified in your policy. The lower your deductible is, the higher your monthly costs will be. Similarly, if you have a high insurance limit, meaning the policy has a high dollar value of maximum covered repairs, you’ll likely pay more each month for the policy. Lowering either of these factors may save you money upfront.
- Coverage Options: Certain coverage options will affect the cost of your monthly premium. Uninsured motorist coverage, comprehensive protection, towing coverage, and even the amount of medical payments the policy will cover, can all increase your monthly costs. Ask your insurance agent for advice regarding which options are best suited for your needs.
- Age: While no one likes to think about their age influencing the costs of something required by law, it will affect the price of your insurance policy. Younger people must often pay more for car insurance because they’re considered less experienced drivers and are viewed as having a higher risk for accidents.
- Your Driving Habits: Many car insurance providers look at how much you use your car on a daily basis. If you only drive a few miles to work and back, you’ll probably pay less for insurance than someone who uses their car extensively. Less time behind the wheel means less risk of being involved in an accident.
- Your Record: Individuals who have a history of car accidents often have to pay more for their policies than those who have never filed a claim. However, even younger drivers with a clean record may have to pay more for their coverage because they do not have an established driving history.
Whether you’re considering switching providers and need new auto insurance quotes or want to add a renter’s insurance policy to your coverage, the agents at Ridgway & Associates can help. Learn more about their coverage options online, and call (330) 650-1560 to speak with one of the friendly agents.