Auto Insurance Premium Tips

Auto Insurance

Just read this morning in my recent copy of “Bottom Line” (November 1, 2015 issue) a tip as it relates to saving money on your auto insurance premium.

I was quite surprised to learn that most insurance companies charge extra for policy holders that are Widows and Widowers; that extra charge can be as high as 14 %.

It is recommended that if you are a Widow or Widower, you should contact your auto insurance provider and make sure they realize that you are unmarried because your spouse has passed away.

Ask to be classified as if you were still married to reduce your auto insurance premium. It is not guaranteed they will reduce your premium, but it certainly cannot hurt to ask.

Another factor that can impact your insurance premium in a positive or negative way is your FICO credit score, so be sure to review your credit score every quarter with the three credit bureaus (TransUnion, Experian and Equifax).

You are allowed one free report from each of the three major bureaus once a year. Go to annualcreditreport.com for you free report. They will provide their own version of the “FICO score” called Advantage Score which ranges from 300 to 850.

Another source for free monitoring and credit score is “Credit Karma” which can be found at creditkarma.com.

For more information on monitoring your credit watch the video below.

They provider the Advantage Score for two of the three credit agencies and will update your score and credit history on a weekly basis.

Lastly I recommend you comparison shop your auto insurance needs at least once every two to three years.

Financial Quote of the Week –

“Greed is not a financial issue. It’s a heart issue.”

Andy Stanley

 

Daniel Iuculano, AAMS CMFC

Accredited Asset Management Specialist

Chartered Mutual Fund Counselor

Comments are closed.