Follow on Google News News By Tag Industry News News By Location Country(s) Industry News
Follow on Google News | ![]() Get Low Income Auto Insurance Quotes And Kiss Your Worries GoodbyeCar insurance is one of the necessary evils of this world, it's expensive, and yet you have to have it.
Car Insurance For Low Income Households According to the Consumer Federation of America, low income families across the country, making 21000$ a year, pay nearly as much as 500$ a year or more for auto insurance. Researchers at the advocacy group found that the five largest auto insurers do not offer basic policies to safe drivers for less than 500$ a year. Thus it becomes easy to explain why so many low income drivers have no auto insurance. The insurance companies argue that the rates are not purely based on the income rather on a number of other deciding factors like car mileage, car type, parking area, credit history. Cars in urban areas are at higher risks of accidents, thefts and higher repair costs, thus increasing the attached rates. So how can you get cheap car insurance for low income families? There are a few things that insurance companies use when developing your rate that is indirectly tied to your income; your credit score, education level, insurance history, homeowner status and your Zip code. Let's look at some ways you can save on your car insurance: Good Credit Score: Insurers believe that drivers with low credit scores are more likely to file a claim than drivers with high credit scores. So, raising your credit score can help you save around 17% on your auto insurance. Good Student Discount: To receive this account most companies require you to have a GPA above 3.0. You can provide the insurer with a transcript or report card every policy period as proof. Profession Discount: Statistically, some occupations like doctors, teachers or police officers are less likely to file a claim. Because of this certain insurance companies return the savings back to you. Multi-Policy Discount: This refers to having two types of insurance policies under one insurance company. Common policies are home/auto or renters/auto. If you have taken a defensive driver course your company may award you with a discount on your premium. Equipment Discount: The more you make your car theft resistant, the more your insurance rates will go down. Safe Driving Record: This is the most basic and important factor to get a discount on your insurance premium. If you have no traffic violation, speeding ticket or accident records to your name, you are eligible to get a lower premium policy. Preferred Payment Discount: If you pay your premium upfront, pay through your bank account with automatic monthly deductions, or opt for paperless billing you can get your rates down. Shop Around: Shopping for car insurance every 6 months is the best way to ensure you're getting the best rate according to statistics. Always compare low income auto insurance quotes (http://www.nodepositcarinsurancequote.com/ Double Check For Discounts: Although some of the discounts are automatically added, you will still want to comb through your policy to ensure you're getting every last discount. To summarize, insurance companies can't use your income to determine your rate so we cannot definitively say the two are related. Still, looking at the use of your credit score, education, homeowner status, zip code, and insurance history, it is easy to see the two have an inverse relationship. Looking for discounts, shopping for car insurance every 6 months are great ways to start on saving on insurance when you can't change the previously listed variables. When those fail, consider government or other special programs help. Nothing in the insurance market is free, but with minimal or no down payment policies (https://www.nodowncarinsurance.com/ End
|
|