The phrase “cheap car insurance” may seem like a contradiction in terms. But really, cheap car insurance in New York is possible if you know where to look, what to look for, and how much to pay! Here are some tips for getting cheap car insurance in New York:
– Look for deductibles on your policy. In New York, the minimum standard of liability coverage is set at $500, with no deductible. You must be aware of the deductible, as it can be a significant expense. Good credit drivers often qualify for discounts on premiums by showing evidence of having been a good credit driver. Also, good credit drivers may qualify for a safe-driver discount, which could reduce your insurance rates.
– Don’t get unnecessary coverage. Choose the lowest coverage that you need, without covering things that aren’t necessary. It’s fine to add emergency roadside assistance and rental car coverage to your auto policy. But don’t purchase coverage for things like hail, vandalism, and theft unless you absolutely need to. A car loan, for example, may offer you coverage for accidents and property damage that occur while you’re driving the car loan, but this is rarely needed.
– Finance through a dealership. Many people find that paying their car loan through a dealership offers them the best financing terms. If you have a good credit score and a low debt-to-income ratio, a dealership might be your best option for purchasing a vehicle.
– Shop around. Not all insurance companies offer the same interest rate. And when you finance a vehicle, the interest rate is part of the sticker price you pay. Find a competing, or at least competitive, interest rate from another company before you buy a Geico insured vehicle. The cost may be less than what you’re paying now.
– Minimize your usage-based insurance premium. If you only drive infrequently, you can help reduce your insurance premium by choosing a cheaper deductible or by decreasing your collision and comprehensive coverage. You can also reduce your premium by keeping a good driving record. If you have an accident or a traffic violation, your insurance premium will increase. If you have no accidents or traffic violations, your premium will remain the same.
– Look for an at-home financing option. If you have good credit and a low debt-to-income ratio, you may qualify for a low interest rate from your bank auto loan. Or, you might want to look into an online lender. Many lenders are now offering a home-based refinancing option for their consumers.
You can also save money on your auto insurance premiums by bundling your home, life, and car insurance policies. Insurance companies offer a discount if all of their products are purchased through one company. So if you own your car, life, and home in one company, you’ll get a discount on your insurance premiums. If you have more than one vehicle, you may qualify for a per-year savings that many insurance companies offer. Check with your insurance provider to find out if they offer any type of bundling discounts.
Some types of car insurance discounts are available if you install anti-theft devices in your vehicle. The anti-theft system will be installed as part of a package that will include regular car insurance, but it’s a good idea to add anti-theft features to your auto loan as well. While the cost of the anti-theft device is deductible from the proceeds of your auto loan, you’ll lower your overall insurance premium. Research the market for the lowest payment and deductible for this type of deductible.
Another way to reduce your premiums while still maintaining adequate collision coverage is to choose the highest deductible you can afford. This deductible will be paid for on your behalf should you ever file a vehicle accident. By choosing a high deductible, your insurer will only pay the difference between the cost of the accident damage and your current deductible. If you choose a lower deductible, your vehicle may end up costing more in repair should you ever need to file an auto insurance claim.
There are several ways to find the best car insurance company in your area. You can visit the offices of your local agents to get an idea of their service and reputation. Or, you can contact the Better Business Bureau to obtain information on complaints filed against different companies. You can also research online to learn about premiums from various companies, as well as what specific coverage they offer. In addition, you can request free no-cost quotes from various companies.
Finally, you can save money on your vehicle insurance premiums by paying off your vehicle before you purchase it. The value of your car is partially determined by the amount of money you pay for financing it. By driving a safer and less expensive vehicle, you can save yourself a lot of money in insurance premiums. Make sure you know the value of your vehicle before purchasing it and getting financing for it. Be sure you understand the terms of your financing contract thoroughly. Paying off your vehicle can also lower your monthly payment and reduce your total cost of ownership.