Q: I would lower my motor insurance premiums. What are some of the most common discounts?
A. You will usually get a discount if you are your car and homeowner or tenant insurance at the same company, and you can get an additional discount on all the policies to add total coverage. Most insurance companies will give you a break if you have more than one car to insure, or accident for a number of years to remain free.
Most also give a discount for the anti-theft devices (such as alarm systems, ignition switches cut and VIN engraved), ABS brakes and special safety features, such as additional airbags. Some insurance companies, including farmers and travelers, offer discounts for hybrid or alternative fuels. I get a discount for mile number low and it could get an even bigger one for installing a tool that will keep track of the time of the day you are driving your mileage and acceleration and braking rates.
You can take a break to take a course in the defense controller (although some insurers offer these discounts only to the drivers of age or the youngsters). If your child is a full-time student and has at least a B average at school or college, a discount of around 15 percent is typical. Most insurance companies give a discount if your child moved for college from home more than 100 miles away and have no car but the insurer offer cover while your child is at home for holidays.
Several insurance companies offer discounts to members of the armed forces, and some have special breaks for some professionals (such as teachers) or members of certain groups (such as alumni associations). Most will also pay a discount for your premium in a sum, rather than monthly, and the use of electronic invoicing and automatic payments. For current survey of the 10 largest insurance companies bank rate car, go to http://tinyurl.com/oxlrj67.
Kimberly Lankford is an editor of the magazine Kiplinger Personal Finance and the author of Ask Kim for Money Smart Solutions (Kaplan, $ 18.95).
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