Get Cash Now! (877) 227-4713

Insights into your financial needs.

J.G. Wentworth Blog

Finding the Best Auto Insurance Rates

On a regular basis J.G. Wentworth posts blogs offering financial tips to our readers on a wide range of topics. These blogs are posted under the category Frugal Living, and each one represents our attempt to help our customers save as many of their hard-earned dollars as they can.

Today’s blog on auto insurance rates is no exception, for it is our opinion that far too many people do not take as much time as they should to shop for the best auto insurance rates – costing themselves money in the process. Here are our seven tips for finding the best auto insurance rates – even if you already have an auto insurance policy in place.

1) Ask for a lower rate

If you have a good driving record, or a long-standing relationship with your auto insurance company, you may be surprised how effective one phone call to the company can be. All you have to do is ask the company’s customer representative a very simple question: “Is there anything you can do to help me get a lower rate?”

2) Consider a higher deductible

Your deductible is the amount of money you have to spend out-of-pocket before your insurance kicks in. While it is a gamble, you may want to ask your auto insurance company how much you might save monthly by doubling or even tripling your deductible, a strategy that may lower your insurance premiums by as much as 40%.

3) Measure how much you are actually driving every week

The more you drive, the higher your rates. Consider carpooling to your regular place of employment, or if you have moved or changed jobs make a revised mileage count and contact your auto insurance company to see if that will translate to a lower rate.

4) Shop around 

We recommend you call at least three auto insurance companies, give them identical details of your driving record, and find out how much they’ll charge. You may be surprised at the price discrepancy – and every dollar counts!

5) Purchase a “low risk” car

When it comes to auto insurance, all cars are not alike. Some are considered more susceptible to thieves and thus equate to higher auto insurance rates.

6) Pool all your insurance plans together

Do you use different companies for different insurance policies? You may be able to strike a better rate with a “package” deal that pools all your insurance with one company and may translate to substantial savings.

7) Pay all your bills on time

Last but certainly not least is a strategy that isn’t just good for debt busting but surprisingly can also benefit your car insurance rate as well: paying your debts on time. That’s because many companies use your credit history and credit score – especially following the purchase of an automobile – as a factor in determining your auto insurance rate; the higher the credit score, the better your chances of getting a low rate.

We hope these auto insurance tips help you score the lowest rate you can find, and remind you that any reduced amount is worth it considering you may be paying for auto insurance for decades to come. If you like any of our suggestions here, we also encourage you again to look up the Money Smarts section of our blog for more cost-saving tips on a wide variety of goods and services. Finally, if you are currently receiving, or scheduled to receive, money from a structured settlement or annuity but would rather have that money sooner, call J.G. Wentworth anytime at 877-227-4713.