Highways In Albany, NY

We all know that age, driving experience, car type and a safe driving record are the leading factors that determine our costs for car insurance. As an agency, we wanted to share other factors that affect cost. Here are a few pointers to keep in mind when purchasing or managing your car insurance.

Don't wait until the last minute. Most times, you get a better rate (just like shopping for airfare) if you start the quoting process more than a week or two before the insurance is needed.

Your credit score does affect your insurance costs. Generally speaking, the stress of financial pressure does affect every part of our lives, including insurance. It might suggest overlooking maintenance of your car, tickets and/or bills so do your best to build good credit, manage your finances and pay your bills timely. The better the score, the better the price.

How you pay for your insurance affects your price as well. Most insurance companies offer discounts if you choose to receive your bills electronically, choose to pay by electronic withdrawal from a bank or credit card and/or if you pay your policy in full. Translated, if you spare the insurance company the expense of sending bills, they will return the favor in terms of a discount.

The length of time with your current insurance company favorably affects your price as well. If you make it a habit to move often, not only will you lose the longevity that you are building with that insurance company, but you also run the risk of losing benefits like accident forgiveness, diminishing deductibles and renewal credits. You might not be getting the best price from some carriers either.

Your current limit of liability coverage affects your price when shopping for a new company as well. The theory is, if you maintained higher limits of liability protection to protect others from injury or damage caused by you, you earn a higher regard — which in turn, results in a better price.

The age, type and cost of your car is important as well. Typically, the more expensive the car, the more expensive it will be to repair. This translates into cost to insure the car for comprehensive and collision. Therefore, the higher the deductible that you choose, the lower your cost — because you are have agreed to share in the loss by said deductible. Most of us react to the rate not the reason for the price. The insurance company is taking on the risk to ensure the value of your car. So, keep this is mind the next time you examine what you are paying.

For homes with teenage drivers, understand what goes into the rate and what discounts are available. Drivers with less than three years of licensed driving will pay more — as they should because of their inexperience. Choose a safe, modest car for them and you'll help control the cost to insure them. Take advantage of discounts by encouraging driver education, defensive driving and being a good student and a responsible driver.

How you use your car and the miles that you drive per day translates to your risk on the roads. If you drive your car to work and/or for business, you should expect to pay more than someone who only uses their car for pleasure use.

Look to bundle your car insurance with your home or apartment insurance. It is a discount that is worth considering with some insurance companies providing up to a 40 percent savings. The more you have with one insurance company, the stronger the relationship, the deeper the discount, the possibility of having just one deductible for a shared loss — and the consolidation of billing fees can be overlooked.

We hope our points helped provide some insight and opportunity to manage your insurance costs. Saving money on your car insurance is great. Understanding your car insurance at the same time is even better.

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