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Measure #1: Travel Insurance

If you need to buy insurance every time you travel, you are probably wasting lots of money. Travel agents, airlines, websites, and tours always offer insurance packages – and they almost always cost more than simply adding a travel package on to your existing insurance. Look on the internet for better deals.
Even if you only travel twice a year, an annual policy will save cash.

Measure #2: Eliminate Redundant Coverage

Think you need personal items covered in your car? Think again. First, they are almost never paid for in claims. Second, if you have home or renters insurance, there is a good chance that all your stuff is covered. Just make sure to keep the receipts.

Unless you are carrying expensive equipment around – which you will need special coverage for – it is cheaper to replace your things out-of-pocket than to pay all those premiums.

Measure #3: Muscle Up Safety and Security Devices

Look to add on extra safety and security features to bring down your premium. Some suggestions are:

• Driving detection systems
• Lo-jack
• Alarm systems
• Airbags
• OnStar
• Black Box

These things often cost some money up front, but the long-term savings are well worth it. Plus, you are actually a lot safer!
In terms of OnStar and Black Box, you can actually use these systems to save insurance money by allowing insurers to collect data on your driving habits. If you drive safety, it will prove you are safer and they will charge you less for coverage!

Measure #4: Drop the Bonus Malus or No Claims Bonus (NCB)

A Bonus Malus, also called a “no claims bonus/discount”, is a clause in your insurance agreement that gives you a discount for every year that you do not file a claim. The idea is to reward you for paying them premiums without getting any service back. Basically, it makes you feel better about getting only a sense of security back for your car insurance payments.

However, the principle of this deal doesn’t really make any sense. First off, NCBs cost you more in premiums every payment date. While a 50-70% discount for not filing claims is nice, this does nothing to stop your rates from skyrocketing if you do file a claim.
You can save some money on your premiums by removing the Bonus Malus now.

Measure #5: Pay for Small Things Yourself

If you have to make small repairs to your vehicle, the increase in premiums that might follow will likely cost more in the next year or two than simply paying for the repairs out of pocket. Depending on your insurer, you might be required to still make a claim but inform them that you will pay for it. Check with your insurance provider to be certain. Failing to report incidents may void coverage. (more…)

Thinking of buying a Hummer or SUV? Think having a large car will help keep your rates down?
Think again.
Larger vehicles are actually likely to cost you more to cover.

Why Big Cars can Cost More

Conventional wisdom suggests that larger vehicles will fair better in an accident, therefore there will be less damage to repair. This is partially true – your car will probably suffer less damage, but many car accidents involve more than just your car.
If you have a large car and you are involved in an accident with another car, your large truck may do more than average damage to the other car, ultimately increasing costs and, as a result, your premiums.

The Most Expensive Big Vehicles to Insure

According to a study by the Insurance Institute for Highway Safety, the five cars linked to the most expensive damage to other cars are the Dodge Ram 2500, the Toyota Highlander, and (in the top 3 positions) Hummer strong and H3 variants. These are particularly large and burly vehicles, and they tend to cripple the vehicles they encounter on the road.

Other Reasons for a High Premium

It’s widely understood that small, fast sports cars cost more to insure, for a variety of reasons. One of those reasons is that drivers of those vehicles tend to be more reckless and have a poorer driving record. The same is true of Hummers, which are known for being frequently pulled over for traffic violations. This translates into higher premiums.

The Exception to the Rule

Although some large vehicles can be especially pricey to insure, it’s certainly not always the case. Minivans are relatively large vehicles, but they actually are among the least expensive vehicles to insure. Sounds contradictory, right? Well, there are two important differences between these vehicles.

Unlike the vehicles mentioned above, the minivan is not likely to inflict as much damage to vehicles it hits. Although minivans are larger, they lack the bulk and momentum from utility-style trucks designed to haul heavy cargo or – in the case of the original Hummer – military weapons like anti-aircraft guns and missiles!

Minivan drivers also tend to be females (who have better driving records as a whole) and drive during the day rather than late at night or early in the morning, which peak hours for traffic accidents. (more…)