As I’ve said, one factor that can cause your premiums to go up is getting tickets. Many companies will lower your premiums if you take a Driver’s Education course after getting a ticket. If you don’t drive a lot, one possible option is getting pay-per-mile or usage insurance. However, this is only available in a handful of states. With this type of coverage, you pay a flat rate per month plus a per-mile rate. So, for example, your monthly payment may be $35, and your per-mile rate may be $3.50 per mile. As with all other insurance, your base rate is determined by a variety of factors similar to traditional insurance. Another aspect to consider is your financial health. If you have a low income, your
MONEY-SAVING TIP: SHOP AROUND Have you ever been surprised by an unexpected premium increase? If so, what did you do? A lot of people end up paying more for their insurance simply because they feel loyalty to the company. Or maybe because they just don’t want to spend their time researching and making the switch. If this is you, I get it. But I also like the idea of you saving money. That’s why I’m here — to research other options for you and see where you can save. Keep in mind that this doesn’t mean you have to switch — maybe the rate is comparable to what other companies are offering. But you won’t know until you ask. And speaking of asking, if this does happen to you, be sure to check with your insurer to find out why the increase happened in the first place. Maybe there’s an error or a way to bring the cost back down.
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