You already know that your age, the type vehicle you drive and even your credit score all affects what you pay every month, but there are a number of things that you might not know about your auto insurance policy. Here are a few things that you should be aware of.
Your personal items lost due to vehicle theft are not covered by your auto insurance policy. If you left your laptop in your car and it is damaged or stolen, your auto insurance won’t reimburse you for a replacement. But your homeowners or renters insurance will.
Auto insurance is tax deductible for business use. If you own a business and use your car for business purposes, you can deduct a portion of your monthly auto insurance premium on your taxes. This is, if you choose actual expenses vs. Flat per mile deduction.
Consciously choosing a vehicle that offers a higher safety rating and is not likely to be stolen will lower your auto insurance rates. If you need resources to help you choose a car that is cheap to insure, you can review the Insurance Institute for Highway Safety.
If you switch your auto insurance policy, don’t forget to cancel your old policy! If you don’t, you might wind up paying for two policies simultaneously or worse, be reported for insurance cancellation for nonpayment of premiums. The latter can result in higher insurance premiums on subsequent policies.
Make sure your vehicle information is listed properly on your auto insurance policy. Something as seemingly innocuous as misstated mileage, body style or even the wrong model vehicle will not only skew your insurance premiums, but have the potential to invalidate your policy altogether.
Affiliation with AAA and other professional organizations will lower your auto insurance rates. If you have AAA or are employed with certain companies or other affiliation, you can land a fat discount. Make sure that you check with your insurance agent to see if you qualify.
You should insure your cars and your home with the same company for a multi-policy discount. I
In 28 states, auto insurers are required to pay for the sales tax when you replace your totaled vehicle. It doesn’t matter if you purchase a new or used vehicle. However, most insurers won’t pay this amount unless you ask for it.
The urban legend about the color of your car affecting how much you pay for auto insurance is false. Despite what you may have heard, driving a red, yellow or black vehicle doesn’t affect your insurance rates. What does is the way you drive your car and whether or not it is a “performance” vehicle. These two items will definitely have an impact on what you pay each month.
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